Oh Lots of discussion in just 2 days here
@ripper
Welcome to the forum buddy, Happy that I found someone who is also looking for my requirement.
I was also behind WDTV Live but slowly my requirement increased (damn !! human mind
Now I am looking for something which can play all normal & HD vids, Play from external DVD (no need to purchase DVD player)/HDD & Download torrents, ofcourse HDMI out.
Simple ha

Just 3 major requirements.
I have dropped Wifi options as torrents & streaming works great on wired connection. Suggest you to use wired only.
As you are in Cochin, let me know if you plan to visit Bangalore, may be we can meet up.
One more thing, dont rely much on USB of TV. Its mere addition for non techie people to play their normal VOb/Avi files or lovely album photos. None of the LCD with USB will be able to play those 720/1080p mkv/mp4 HD rips.
After having this longgg discussion with Dheeraj, I have finally zeroed down to - Playon!HD (Not mini).
@dheerajjotwani
ehh got one more doubt, Cant I download torrents by connecting external HDD ? I dont want to install high capacity HDD inside Play on.
As torrents will be keep on downloading, there might be heat up issues which might mess up 1 TB HDD. So will use 8 GB thumb drive or 60/80 GB external HDD which will do this work so I dont regret even if it crashes. Can I use external HDD ?
Hows inbuilt torrent client of POHD ? What speed do you get ?