I could build a media centre PC for that price, or just buy a large external drive. I know you don't have the controls on an external drive, but it all depends on what kind of system you are trying to build or link into.
CD ripping speed is a bit strange - I use Fairstars (free) and it is bloody quick and that includes getting data from the web.
I hate all these over-priced unit thingies that are supposed combine everything into one box - depends on what you want to achieve and how I suppose.
(same goes for video)