The compact box can play full high-def (1920 x 1080) files in popular formats such as MP4, H.264, DivX HD, MOV, VC-1, FLV, VOB, WMV and AVI as well as less common formats like MKV, AVC-HD, RMVB and Minus VR. Of course, it can also play a variety of audio formats like AAC, WMA, OGG, MP3, and M4A with aplomb.There’s even support for subtitle formats including Advance Substation Alpha – which has the best file extension ever – .ASS . (There’s a full list of supported formats and codecs here).

In addition, the Ultio can connect to the Internet via a built-in Ethernet port or through a Wi-Fi network (if you plug in an optional USB networking dongle). Once connected, you can download media files using the system’s built-in BitTorrent client. Since it has an integrated Samba server and UPnP, you can use services like PlayOn or Tversity to stream video from Netflix, Hulu, YouTube and other web-based video services.

The Ultio has a nice array of video outputs, including HDMI 1.3, component video, optical audio, analog audio (yuck) and composite video (double yuck).

Keep in mind that the Ultio doesn’t come with any built-in storage. For best performance, you’ll need to drop in a 3.5-inch SATA hard drive (up to 1.5 TB). Otherwise, you can play files from a USB 2.0 hard drive or a flash drive. You can also stream media stored on your PC if you’d rather store files there. And the guys over at Mvix are even encouraging users to download all of the system’s open source and GPL sourcecode to see what else they can do with this little box.

You can find the Mvix Ultio over at ThinkGeek for just $169.99 (USD). The 802.11N Wi-fi dongle will set you back another $39.99. BYO hard drive.