It would be great as is for simple file serving if you get a one of these
$22 - SYBA PCI Ultra ATA/133 IDE host controller
http://www.newegg.com/app/ViewProductDe ... 001&depa=0
or these
$36 - SYBA PCI 4-Channel Serial-ATA controller card
http://www.newegg.com/app/ViewProductDe ... 020&depa=0
depending on what kind of drives you get. They are cheap, and probably will tax the cpu a bit. For HTPC playback will be perfect - PVR function may be pushing it... depends on the card definitely get hw encode/decode capable like PVR-350 will help ease up the load.