Advantages
Cost - As chipsets with HD capable
Quality - HTPCs can rival high end dedicated devices.
Features - such as pause live tv, usually a feature of high end dedicated devices.
Digital media recorder
Media server - The HTPC can serve media files to other computers / devices on a network.
Gaming - Plays any PC game and application within the game or application's system requirements.
Other media - HTPCs can store photo albums and play other media files.
Other functions - other functions may include weather forecast, online radio streams, TV schedule, webcam, etc.
Other software - other software, such as downloading or file serving, can be run, perhaps in the background.
All-In-One - The features found in a HTPC would usually require more than one dedicated component.
