When it comes to playing digital media on your big screen TV there are several gadgets on the market that will let you do that. You can use things like HTPCs and even iPod docks with connectivity to play on the TV.
The WD Elements Play has been unveiled and comes in 1TB or 2TB capacity. It's sort of like an external storage device for media that can also connect directly to your TV. The device can hook to a TV via HDMI, component, and composite connectivity.
The device supports up to 1080p resolution and supports RMBV, H.264, and MKV format video. The device measures 1.6" H x 8.9" L, and 5.9" W.