There is a changing of the guards happening in the standalone media player world. The current batch of players like the Mvix MX-760HD, the TViX HD-M5000, the Mediagate MD 350 HD etc are rapidly becoming obsolete because of a new chip from Sigma Designs. The old players are based around the EM8621, the new ones are based around the SMP8635. There are newish players out which use the EM8623, but find a player with the new chip instead as they're just being released and you don't want to end up with yesteryears technology. They have support for H.264/MPEG4, and quite a few HD-formats like Xvid-HD, Divx-HD, and WMV9-HD. Audio support includes Ogg and Flac. In addition to this, the devices will come with a browser and audio/video streaming from the Internet, bittorrent client and even RSS feed support. All highly desirable functions you simply can't get on the current crop of players. See for example http://www.popcornhour.com/.
No idea how they are as a company nor if their product will live up to expectations, but the technical specifications certainly look impressive. Especially considering the US price of $179. Most likely much more expensive here in europe of course. The tech specs are a bit loose on whether or not the device will support 1080p video or not, possibly just as 720p in and upscaling to 1080p out. Time will tell, as they've promised to start taking orders at the end of next week. Note that the image above may or may not be the final look of the thing, as I've seen several alternatives. This image is straight from the actual site though, so it might be the final design. Too bad it now looks like a cheap external hard drive enclosure, but for that price you can't expect too much.