You'd have to use a video card because that shuttle has no DVI output. Unless ofcourse you've got the vga on your tv.
Yep. I have a cable that breaks vga into R,G,B,H, and V, and inputs on the back of my TV for each. It's an old HD RPTV that would only normally do component and composite, but thankfully has one more input for those. I don't really care if the interface is ultra-smooth, just that I can output at 1080i and not have a problem with playback. As I think that's mostly a decode and CPU limitation, the longer I wait, the better processor I can get for the least amount of money. My current in progress build is here, and I hope to keep it under 300 with a better processor by the time I actually go ahead with it. I may also drop the CF to 4 gig instead of 8 to cut costs down, or put in a real hard drive to all this to do my torrents and usenet work as well.
My other option is to go with a mac mini instead as it would likely be a lot more plug and play, but is unfortunately much more cost prohibitive.