I have the current gen WD TV. I love it to death. If you're looking for something that will do Netflix and all that shit, move along because this may be the only stream box that doesn't have a Netflix app. (How did the Netflix app become the free AOL disk of streaming media? I think everything I own except the WD TV comes with the Netflix app preloaded.) If you're basically looking for VLC in a box, here you go. I've had one thing where the audio didn't play for some reason. It was a 2K 35mm scan someone did and I'm not sure what codec they used for the audio. I can probably fix it, just been too lazy.
Lots of people can't see the point of this, but it sounds like it may be what you are looking for. It's overkill for a lot of people, if they're just ripping stuff in a standard fashion. I have a large collection of stuff that is in every format under the sun, some with subs or multiple audio streams. Once I switched to a USB connected drive, everything just works, with that one exception, from really shitty ancient videos I have to full DVD rip iso and VIDEO_TS folders (with menus!)I'm sure someone has some sort of cheap PC/Raspberry Pi/Plex alternative that's cheaper. Cool. But I don't have the time to
with that anymore. I could not be more pleased with it.
One caveat, if you're going to need subs, like I do, there's a particular way you have to set it up that they don't explain well in the manual. Off the top of my head, I can't remember which option it is, but if you choose Media Server, it either reduces you to one stream at a time and won't pass the .srt file and you have to choose Network Share or it's the other way around. Of course, if you're going direct via USB (highly recommended, based on much tweaking) it's irrelevant.\
TLDR: get the WD TV for your files and if you want Netflix, Vudu, Amazon Prime, etc, buy a cheap stick.