Via Ian Dixon, I read Andrew Grant’s account of his experiment running Windows Media Center on a Windows Home Server machine.
I won’t spoil the ending for you, but will note in passing that Andrew’s experiment ended very quickly.
For a lot of people, this is the holy grail. I continue to believe that the reverse configuration makes more sense today, with Home Server running in a dedicated VM on a Media Center machine.
Maybe in 3-5 years Media Center will be written in such a way that it can run as a role on a server. But not today.