Why would you need hard drives? If your internet is reasonably fast you can just delete the file and download it again next time you need to watch it. Same goes with htpc. A laptop with a hdmi cord works fine as well and is way cheaper.
You use the app on a phone to cast to a chromecast that's jabbered into the $84 projector, hooked to the "they are broken" Sony Bluetooth speakers and sub (not broken, now fixed!).
And all currently mostly stored on an external 4tb USB 3 drive I've had for years.
A rant, and a ramble, but nothing listed above is expensive or particularly hard to wing together.
Is the experience mind blowing? Nope. But it works for the kids and I, and has certainly been worth the time (and nominal $) expenditure here.
Zero. Qualms.
Edit: $10 a month in electricity for this ancient machine doing all of these things, if you round up.