That card is the highest performing passive card that I know of. It requires a taller case to clear the heatpipes above the board and it is designed for horizontal layout HTPC case, all good features. If you are also using a passive CPU cooler you will need to install internal baffles in the case that allow the single power supply fan to maintain airflow across CPU, video heatpipes, and hard drives. 2.5" notebook hard drives make less heat and noise.
Your goal is a worthy one but you will not acheive your objective via a recipe consisting of a simple list of components. You start with a case and plan the airflow and fabricate custom air baffling and monitor temperatures at multiple points. It can definately be done but it is an involved process.
The only criticism I have with the XFX card is that is is DVI and not HDMI. I am aware of adaptor connectors and DVI/HDMI adaptor cables, but if you need the audio in the cable these are no help - the DVI connector does not support audio at all.
There is one passive card that does have an HDMI output, it is the Gigabyte 7600GS HDMI board:http://insanetek.com/content/view/259/2/
This board has HDMI along with a cable that would attach to your sound card and pass digital sound over the HDMI cable. There are two downsides compared to the XFX board which are the lower performance 7600GS video engine and the smaller 256MB of onboard memory. On the plus side, it is cheaper than the XFX.