Reporting back just to close this thread...
I've build my new Server 2008 R2 server with the following parts
Asus P8H67-PRO/CSM motherboard
G.Skill Ares 16GB (8x2GB) DDR3
FSP AURUM Gold 80Plus Gold 400W PSU
Intel dual-port Gigabit server NIC
Ceton InfiniTV4 quad cable card tuner (from old server)
2x WD RE3 250GB (OS/VM/download temp)
1x Hitachi 7K2000 2TB (media storage)
(no case yet, still deciding on which rackmount I want)
The new server will be host to newly added media files and accessed by several HTPCs. After couple of weeks, the files will be moved to the old server, which will be turned on when needed. The only downside is that I don't have hard drive redundancy anymore. I might add more hard drives and run Freenas off of Hyper-V in the near future.
Current power consumption on idle - 55w