Re: Cue the Chinese manufacturers...
That's not a bad idea, but considering that all you would need technically is a way to reach a listening port to authenticate against in order to access the stream, there would be no need for an external 'server-service' (as you referred to it).
Example: Several of the more robust off-the-shelf SOHO routers support Dynamic DNS services, such as DynDNS or No-IP. But, even without a router with built-in-support for dynamic DNS, you can still use these services. Just about every one of those services offers clients for Windows, and most also offer clients for Linux & OSX as well.
Essentially, you would only need a working dns-mask (ex: aereo-001.no-ip.us ), and 1 port forwarding rule (possibly 2 ports, or a range, depending on requirements) to securely authenticate against a device like this that is hosted on your home network.
If the device utilizes a DVR/PVR function, then it would require local storage. But if you look at DLNA server-suites, such as 'Serviio', you'll find that a large number of the more rebust solutions in this class tend to offer 're-encoding' which basically allows the source to stream at multiple resolutions... sort of like picking 480p mode on Youtube, as opposed to using whatever auto-resolution automatically loads with the video in question.
But yeah, given a proper re-working, this would have made for a pretty cool personal media access device.
** On a side note though: I agree with the dissenting Justices on this case, but for a particularly different reason. If Aereo was simply intercepting 'over-the-air' broadcasts, then what right do the broadcasters have to now come along and say "Hey! You have to pay us!" for what is otherwise free. I've got news for these broadcasters... they've already been paid by their advertisers, sponsors and any applicable grants. No one, regardless of whether it is an individual or a company, is liable for fees to accessing what is streamed freely over broadcast-airwaves. If the broadcasters don't agree with that, then quit broadcasting and secure their damned streams! Of course, the fallout from taking away what has essentially been a free service since the dawn of Television would likely be more than any of these broadcasters are able to endure... and that may happen anyway, just because of this US-SC decision. Unlike the era during which television came about, prior to the availability of services like Cable TV, Satellite, services like NetFlix, Hulu, and Crackle, or software like XBMC, consumers basically had the choice of 'either watch what the *big 3* are broadcasting, or nothing'. Now, consumers have a freedom of choice that allows them to basically drive traditional broadcasters into extinction. Most of the people that actually watch broadcast 'OTA' content today are either located in rural settings with no other options, are too broke to afford better, or simply just don't care that much about TV.