“convenient to watch LIVE TV right on my computer”
How do you do that? Is some subscription required via your cable/satellite provider?
You need a TV tuner card for the computer.
I have a 2 tuner box connected to my network. It is hooked up to an antenna and gets all the free broadcast HDTV available in my area.
Windows Media Center, not to be confused with Windows Media Player, was ahead of its time. It was the first whole-home DVR solution. Shows recorded on a central computer and you could watch streaming over your network on an HDTV with an Xbox360 or a small number of other devices.
Even though I no longer use it, I will miss it.