Combine the capabilities of DLNA ( like twonky media server) Daap (like itunes) and slimserver and you will have a real hit. That way it would serve almost all clients,windows,linux/unix,mac and almost all network capable AV devices.
I thought Tversity would lean that way but they stayed with a java based system that is a bit of a resource hog and requires a moderately fast machine.
I think that if you stay away from the recoding for playback thing and just serve up the content as is you could keep it light.
I don't think it would be necessary to serve up internet radio as most clients do that well already. IPTV is,of course,another issue.
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