Here's a PC Mag reviewof the Studio Hybrid:
http://www.pcmag.com/article2/0,2817,2326614,00.aspPower consumption on the test system is within a few watts of the comparable mini, with the 2.1GHz/2GB model pulling an impressive 44W under load.
The cheap Dell Studios do ship with reasonably sized hard drives and DVD burners. The HDDs are still 2.5" notebook models spinning at 5400rpm (like the mini), so don't expect desktop hard drive performance.
The SH supports 4GB of RAM, which is certainly far preferable to the mini's 2GB. The intel chipset-integrated video on the SH is slightly more recent, but both steal system RAM, and in practice I'd anticipate dismal full screen 3D performance either way. Dell also gives you an integrated card reader.
Apple wants to upsell you to get a DVD burner and a hard drive >80GB, but you Do get OSX and Apple's value-added programs, not the cut-rate Vista Home Basic shipping on the cheap SH's.
Check out a back view of the Studio hybrid - that's probably a 60mm fan doing the ventilation.
I'd assume that the mini will either get discontinued or thoroughly upgraded at one of the next major Apple conferences. If you cannot wait for a smallish desktop I'd check out a small form factor dell Vostro or HP when they go on sale (gotapex.com, slickdeals.net coupons).
For HTPC purposes you might take a look at the HP slimline models PC Mag references.
Don't buy an Atom if you plan on handling media!