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If you only want to play blu-rays then get yourself a a blu-ray player. If you only want to play streams (hulu, crunchy roll etc) then any cheap Atom box with h/w acceleration for flash would suffice. If you want to play fansubs but don't want to build a HTPC then find a ~2 GHz Core 2 Duo Mac Mini on ebay and get that. Building a machine would probably be better value for money though.
If you do happen to get a cheap Atom or other 'toy' box don't complain here when you/your club/whatever decide to start watching a series only being fansubbed by one group which only puts out hi10p releases.
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