gooberking: About a year and a half ago I looked at my 360 for Netflix and went out and got a Roku instead. The navigation isn't as sexy, but it was a one time cost, uses only 4 watts and doesn't sound like a plane idling in my living room.
StingingVelvet: My blu ray player has all that stuff. I've never understood why people buy a Roku instead of a blu ray player, but to each his own.
Mine should work for that too, but I've gotten pretty hooked on my Roku. Bluray app support (From what I hear) isn't super constant so you don't really know what you are getting until you try, and the Roku does quite a bit more. (amazon, crunchy roll)
I use it for music quite a bit and there are lots of options. Pandora is good for quick streaming at no cost, and I can send it music via media share, or from my tablet. The tablet option is my favorite for ease, features, and the lack of need to have anything else on. At Christmas I used my tablet to toss the pictures I took up on my parents tv via my dad's Roku. A phone or tablet also doubles as a voice activated remote and full keyboard, which I don't think my Bluray player could compete with.
I could see how it could be faster, and support some nicer graphical bells and whistles (stroked subtitles please), but it's still a good buy for what it does. All said, if my Roku died in the middle of the night it's one of the few things I would grab my keys and buy another of without waiting for the sun to come up. In that case it would be the V3 I can't currently justify spending money on.