The Asus O!Play HDP-R1 is unsurpassed at this pricepoint.
For a comparison with WD TV Live see here.
For a review collation see here.
Many people choose the Asus over the WD as it plays ISO files of discs ripped to a hard drive (menu intact) and uses eSata in addition to USB2 and LAN. (see Amazon, New Egg.)
Credit to rep, danilochan, for posting this recently (with cheaper shipping — grrr). I thought I'd draw attention to this for anyone who missed the deal, as it's still the best non-import price ($140+del) and $50 less than its main rival, the WD TV.
Make sure you update the firmware: O!Play R1 update guide.
The WD TV may still suit some people for it's specific features (DTS movie audio) so see the comparison link.
There is a successor, Asus O!Play Air HDP-R3 ($173+del) and an O!Play HD2 also coming out.
Updated: All three versions feature eSata (still faster than USB3 in reality) and the HD2 will feature USB3. The R3 has wireless networking and a card reader. The firmware download pages detail the progress of each release:
Asus O!Play HDP-R1
Asus O!Play Air HDP-R3
Notably: "BD iso navigation and subtitle identification" and "BD/DVD direct play by folder" (both R1 + R3).
Updated: I’ve bought from ShoppingSquare a couple of times without any issues.
They’re a “rockbottom prices” driven shop, so you could expect that their service quality will be low, and older threads certainly indicate cases of dissatisfaction. Davo1111's OzBargain thread cover's this, and here is a recent gamer discussion. There are few scores on the PC Shops Guide from Whirlpool (3 good, 2 bad.)
There is no surcharge on credit cards. They offer 1.6% to 2% cashback. ABN history + company info + terms.
I think Asus is a brilliant company, I like their willingness to consider design and human values, and I find their products reliable and well thought-out. They appear to have a genuine interest in what they do.
A (reasonably long) video review of each…
http://www.tweaktown.com/reviews/2911/asus_o_play_hdp_r1_108…
http://www.tweaktown.com/reviews/2976/western_digital_wd_tv_…
While I wouldn't say this isn't a bargain, I would personally spend the extra on the WDLive… Seems to me the Asus is missing a few features. The interface is a little bit behind the the WDLive, not being able to play bluray rips (and some other formats) and the size are also negatives for me.