WMC is the central hub for all my media throughout the house. It is brilliant and the best kept MS seecret out there. If more people knew about it, and if MS actually put enough resources into it, it could take out Apple TV completely. I can remote control it and stream recordings out to my Android (and iOS), but probably not WinPho bizarrely.
I have twin Freeeview HD tuners and feed my AVR via HDMI with 7.1 sound. Fab!