I'm sitting on the fence - old mATX PC still works, but will have to go in 2-3 years (if won't die sooner).
Missing IR receiver is not a big deal, you can always use RF like Gyration 4101us, its mouse and navigation arrows will work right out of the box, and with some patience you can program it via EventGhost to use particular buttons for particular purposes. It has IR transmitter too, but to avoid confusion when using same buttons for TV or PC, you have to hit the Input button on this remote every time, so I don't find this useful.
There is almost identical remote by Dell for same $30, btw - don't know who stole from who.
$350 for basic Zino with tiny HDD is in line with pricing of mATX PC, but I don't like what I read about this Zino yet. Is there any mATX with HDMI under $370?