I think it's better to go with the direct-connected HTPC because transcode-network-decode-display is a lot more bother than just decode-display; but not having a HTPC would be attractive if your Smart TV was actually smart enough to do everything you want, and playing local media in whatever format is a major sticking point.
Yesterday he was being interviewed on NPR as I was driving home and the interviewer asked about the difference between what people, upon recognizing him, were likely to shout to him in America as opposed to the UK.
His answer was interesting but too long to go into here. It did, however, include a snippet that might allow for much japing should one of us encounter the great man in the future.
He said that often, people would make reference to sketches that he couldn't remember participating in, and he would just smile and nod and say something neutrally agreeable to fake it.
So the next time you see John Cleese, get close, make yourself known (this may involve acting as I know none of you would never slip into nudge-nudge, wink-wink territory normally, being too cool for that nonsense, but the payoff for doing so will, er, pay off) and say something like: "What about that time you were the astronaut lost among the vikings, who all turned out to be women? Talk about funny! I only saw it on DVD, and they blanked the punchline. What was it you said right at the end there, when "Mrs" Eric the Viking Idle showed you "her" buttocks and demanded an autograph?"