I have always thought about using something like this for video game console emulation. I am sure it could handle NES/SNES/Genesis and whatnot, maybe even N64 and PSX. Not too sure about PS2 or Gamecube.
I usually just hook my desktop or my laptop up to my TV with an HDMI cable but it would be nice to have a dedicated little media PC there for movies, Netflix, light gaming, etc. I know I could always just use my monitor or laptop for the emulators but I like the nostalgic feeling of playing old games on the TV.