This is a multimedia player, but not the portable kind that you might take with you. Instead it attached to the rest of your home theater via its updates HDMI 1.3a connection and gigabit Ethernet.
It supports the following A/V formats for playback on your devices: MP3, WMA, PCM, DTS, WMV9, WMV-HD, DivX, XviD, HDV, and MKV, the last one is the file type that digital camcorders use. It also supports the more and more standard H.264 MPEG4 format.
It has a SATA hard drive inside that such media can be stored on, but media can also be streamed to it from various NAS devices and presumably a home computer. A Google products search yielded that it is available now for an average price of $530, but I found it from a reputable retailer for as low as $416, the different being that the $530+ models had from 750GB to 1TB of HDD space included, the $416 model had no HDD inside.