Man oh man...if the Wii had HD quality....and people found out about THIS piece of homebrew....as soon as the bugs were out of it, they could not keep the Wiis on the shelf. Between this and Netflix, Nintendo would have something.
Just decided to go see what was new, and saw this new player designed in part by Tantric. Y'all, though buggy, this thing is VERY cool. Will play just abuot any form of video or audio media, via SD card, DVD (provided ISO 202 is installed), or streaming media. Tried a movie and music from SD card, not a hitch - movie looked great, music sounded awesome.
DVD playback right now is pretty good - can get a bit draggy in search mode, but otherwise pretty good. The new Star Trek movie played well!
Streaming video is still in development apparently, but I nearly freaked out - they have a streaming video version of The Movie Channel available, and before I knew it I was watching "Shutter Island." Due to the Wii's limitaions, it was a bit pixelated, but with composite cable it was viewable. Lag time was a bit rough on it and other channels, but remember, this thing is brand new....they may be able to improve streaming as they go.
Tantric and crew, man you're outdoing yourselves on this....

You all into Wii homebrew try it out if you haven't - for an early release it's pretty damned impressive.