There was an earlier Hybrid model that didn't support QAM HD from cable, that might be the one you have? As I said, what I'd do before purchasing anything else is first make sure you get the local network channels in clearQAM HD from your local cableco, plug the cable coax into an HDTV and run a scan, does it find the major networks in HD? If it does, then just getting a newer model Hybrid or a 250+ or an HD Homerun would be fine. If you already have the EyeTV 3 software from that older Hybrid you can buy an HD Homerun on sale from anywhere. There's now a nominal yearly fee for TV Guide data with EyeTV.
I have a mid atlantic rack for all the gears in my media room. I've been looking at this...Any experience with it or any other recommendation?
No, I've never had something as corporate as that, but I do have 4 or 5 Sans Digital aluminum USB and FW enclosures with swappable drive trays and do recommend them. What you want to be concerned about with any local storage system would be the added noise in your home theater, noise from fans mostly...many of us like a Mac mini because it is quiet in addition to its small footprint, so if your room is small or if you're at all sensitive to noise, consider that aspect beforehand. The good thing about storage is it can really be anywhere, besides directly attached to the mini you can attach storage to your iMac (presumably in a different room) and the mini can mount and share those drives over your network, you can go with network storage, a NAS device plugged into your router over ethernet or even AirDisk storage, a simple USB enclosures plugged into your Airport Extreme, which your mini could mount as a login item. Really, there are too many options these days to just casually ask for recommendations...what you should do is decide your budget for enclosure(s) plus drives, then research what's involved in setting something up...a NAS, for instance is decidedly more complicated to set up than a USB or a FW800 external enclosure which is essentially plug and play...then investigate how noisy something is. Sometimes fans can be whisper quiet, other times quite loud...that's either a problem or not depending on where you plan to stick the thing. I have drives all over our house, a dual G5 PowerMac in a closet that acts as a media server, some AirDisk storage over USB with our Airport Extreme, plus about 10TB of media directly attached to my 2011 mini in our living room--which we sit about 10 feet away from. So it is only that local storage that has to be really quiet--in order to achieve that I replaced the cheap fans in those Sans Digital enclosures with better ones.
Fortunately with storage and hard drive speeds being what they are you basically can put it anywhere, even the slowest option...a USB AirDisk drive connected to an Airport Extreme...is still "fast" enough for blu ray rips.
My advice to you is think about a backup strategy (SuperDuper, Time Machine) as well as how you're gonna store your media. A NAS is not backup, and many of us have eschewed the purchase of a single 4-5 drive expensive NAS device and instead opted for more drives and JBOD storage. Lots has already been written on those products and different strategies, Synology, Netgear ReadyNAS, Drobo, there's no one best solution for any of us here at AVS, but they're mentioned in many threads. If I have another bit of advice as you grow it is to go with separate drives and enclosures, that way you can mix and match and often get better warranties as opposed to something like a Western Digital MyBook, if you have a problem with that you have to send the whole thing back and usually can't open it up to get at just the drive without voiding the warranty.