I use 2 pis as cable boxes (running kodi). For me the pi as a media server is appealing because it's size basically makes it part feel like it's built into the TV. There's no fan whirling or power adapter hanging around anywhere. It has never had any stuttering issues with HD content.

It's powerful enough for what I want to use it for and it's tiny enough as to be basically invisible. Could I get more bang for the buck? Sure. But there's something to be said for the qualitative aspects of hardware preferences.