I don’t think it is THAT bad. At least they used a fanless graphics card and a 45W CPU. Yeah, they didn’t need the sound card, could have spent half what they spent on the motherboard, and probably don’t need a fanless PSU, but the overall build could be much worse. I’ve seen much worse HTPC builds.
The worst HTPC builds are the Atom/ION builds. At least when these guys are done they can play Hulu. Those guys that build ION systems can’t even play all the videos they throw at the ION systems.