Just caught wind of the VIA APC, a ready to go Android PC that looks like it would do well for a low power server / computer.
Their homepage shows that it has built in LAN, 6x USB ports, and 2GB of built in flash. Display is output via VGA or HDMI, which is great news for anyone with those old monitors lying around. Powered by an 800Mhz ARM11 CPU, it has enough grunt to be a basic net-top or HTPC as it has hardware 1080P decoding. It ships with Android 2.3 but sounds like an ARM-Flavoured linux distribution would work on it also.
Might have to get one and do a review on it.