It does perform fairly okay but only up to PAL-like quality resolutions. HD video is a no-go. The setup I tried was connected to some Dbox by ethernet as stream source and the performance was quite good, though TV stations with very high quality/bandwidth were a bit over Efika's capabilities.
An average DVD quality movie drives the Efika close to its limit, but works. For replay you can use MPlayer or VLC (the latter is freshly ported to MorphOS and still needs some time to get more matured).
Anyway, an Athlon XP3200 is another league of computing power than the Efika. But for not too computing intensive tasks the Efika performs well and the *feeling* of speed is *subjectively* better on an Efika w/ MorphOS than with my PIV 2.4 GHz running W2k.
I have my Efika in the bedroom (fixed as media frame on the wall) and enjoy the virtually total silence (yes, the 2,5" hd is not absolutely silent) of the system while it delivers enough power for music, internet, some videos and a game.