Really appreciate all of you guys doing the discussion.
I am getting totally confused though. I somehow see that my requirements are getting little widened. Its no more the data backup/streaming, I am getting inclined towards a development home server. As I am moving higher in the performance/expandability ladder, the pricing is going out of hand. Really spending all this money, just for a central storage wouldn't be a good thing to do.
The current though process is, develop a low power machine with as small size as possible. Like the Zotac zbox but even then expandability is a concern since I won't be able to increase the number of discs. Looked through all the various types of processors/plug computers for the performance vs power consumption features and looks like I need to stick to the x86 based system. Then started the sempron, celeron, i3, i5 discussion and everything goes for a toss.
Coming back to the requirement, I need a central storage, data security as well as development server running 24/7, without missing out the future expandability. And I am still confused about what to get
Space is a constraint as well and I can't have multiple machines running all around the home so another thought I am having is to use my current core i5 3550s based desktop for all this purpose. The major power hogs in my rig is probably the 660Ti. Have only one WD Green as a hard disk (the OS stays on Intel 330 SSD). No Optical Disc drive. The expandability potential is huge in this since I can add another 6 drives. Create multiple virtual machines and get everything going. Only trouble is the power consumption, which kills the deal in the end. Currently looking at the Virtu MVP thing which can possibly run be the answer since it claims that it can put the external GFX card in nearly zero power mode, until a 3D app invokes it. Also I'll have to check the current power draw from my system and assess the feasibility of running the machine 24x7.
I am still evaluating my options but as a fallback plan, I'll be selling the WD green, buy two 3TB WD Reds and setup Windows 8 based RAID 1 and get that thing going till I get some other solution.