I recently purchased a mini-ITX Intel Atom mobo to play around with, and it struck me that the number of uses for this thing is endless! There are always those that complain how god-awful the performance is, but I don't think they realize this is a chip designed for embedded low-power use, not power computing.
Anywho, I currently have two of these things now, one is being used as an audio server / torrent box and the other is part of my bass rig and handles a load of digital amp and effects modeling. Both are fanless and thus completely silent, and the 5,400 RPM discs in the server make virtually no noise at all. Power consumption is about 50W for the server and 42W for the amp - not bad eh.

Home server / torrent box
I'd love to hear what other kind of innovative projects people have got on the go. It's a shame I'm saving up to go traveling, otherwise I'd buy another ten of these!
And for anyone who's tempted I'd really recommend it. You can pick up a board + dual core Atom for less than 50 pounds brand new - and it's not that hard to get hold of an old hard disk and some ram - GIVE IT A TRY