A HTPC replacement for my old xbox

The xbox I have is quite old now. It’s running a very old version of XBMC too and replacement is due for some time.
I was looking for components to build my own HTPC. But looking at my requirements, it wont be used for any ripping, gaming or even browsing, but just as a nettop tethered to a TV. It should be able to decode a standard Blu-Ray disc and should play movies from my PC attached to the network. It should not make any noise.
I came across Intel Atom with Nvidia ION chipset in may discussion topics and looks to be a good choice too. This can stream/decode Blu-ray movies. Still looking whether I need to build my own mini-ITX or buy off the shelf brands like Acer, Asus or Zotac and install XBMC on top of that.
The Zotac Zbox HD-ID11 seems to be good.

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