As I mentioned, the things that made a huge dent were things like the PS3 that I had on all the time and my Xeon server. Those were just burning a ridiculous amount of electricity and I had no idea until I measured it. I basically stopped using those and that accounted for a large amount of my electricity reduction, since those were specifically pushing me into the higher tiers of rates. I also had the advantage of choosing new appliances for my house, so I went with things that were as energy efficient as I could muster, and my dryer, water heater, furnace, oven are all natural gas.
With regards to your media server, it depends on where you live and if you have a tiered system like I do in CA. 60W = 525 kWh per year. In CA, Tier 4 rates are 0.32/kWh, so it would cost about $170/year to run that server, if you hit that tier. So depending on your overall usage, it could make a decent impact on your electricity bill, especially if it was that specific appliance that was pushing you into a new tier.