I looked at the Hush gear some time ago. Looks very nice, but it's pricey (but you're on Head-Fi now - sorry for your wallet
).
I built my own MythTV server for the loungeroom. With good component selection you can build a very quiet box without the hassle of going completely fanless, but it takes quite a bit of careful work. I have all my CDs ripped to FLAC (almost 300GB worth) so it acts like a giant programmable jukebox - and I've set up MPD so that I can control music playback from another machine (e.g. a laptop or my wife's computer across the room) instead of being anchored to the TV.
MythTV is also useful because you can split the server and the frontend (and because you can do TV recording and video playback and more on it). The server has all the storage (spinning hard disks are not completely quiet) and you can situate it in another room, and build a completely silent front end box that merely plays content from that server.
Or you can buy one of several silent network media player boxes (e.g. SlimDevices as shown by Headroom at CanJam) that do much the same - play content stored on a server that may be located elsewhere. That might be easier (less messing around creating and administering a MythTV box - you can even just buy a home NAS storage device and plug it in to your network and dump all your music there rather than set up a computer that runs 24/7 to serve up the data).