A lot depends on what you call HTPC. My HTPC is on 24/7, has several cable tuners (all clear channel so far), 2TB of mirrored raid storage, and gigabit ethernet. Its the main network storage for all our home PCs and laptops, and the primary interface to the home AV system, currently Svideo and S/Pdif audio, but HDMI soon for video. It serves as DVR, and all general movie and music storage and playback (via the main system), manages torrents, and all sorts of internet streamed media.
Its quiet, runs around 74 watts for most operations, uses Win7 64 and Windows Media Center (tweaked to smoothly handle all formats and output 5.1 digitally).
24/7 power consumption was a big factor, here in Electric Hell (Calif) I pay 31 cents/KWhr top tier rate, and we pay twice for a computer, once to operate it, and a second time to run the AC to get rid of the heat.
Once you get into HTPC I think you will find running an older system ineffective.