I have an external card reader and it looks like a dead-ringer for the PicoHD5.1. The similarities end in the looks department, though, since this thing packs full 1080p playback and 5.1-channel DTS/Dolby AC3 audio capabilities that you can enjoy in your home entertainment system. Yep, suck that Apple TV.
Billed as the "smallest high definition multichannel media player," the little device will literally fit in the palm of your hand. Measuring 7.5 x 6.5 x 1.5 cm., it looks like the aluminum enclosure can hole up in a shirt's front pocket, too, making for one convenient and powerful media box that you probably should duct tape behind the TV to avoid losing (this thing can easily be swatted off the table if you're not careful).
The PicoHD5.1 offers true 1080p playback, with support for a wide variety of video encoding formats, including MKV, DivX, XviD, AVI, M2TS, WMV, FLV and even RealMedia. It's got robust support for subtitles, image and audio formats, as well, complete with 5.1-channel processing for audio files and full stereo digital down-conversion of Dolby and DTS soundtracks for those with crappier hardware.
Content can be played on the device via the multi-card and USB slots, with support for external hard drives. Connectors include HDMI, component video out, analog audio and coaxial.
The downside is, there's no storage nor wireless connectivity onboard the PicoHD5.1. Still, Crystal Acoustic's creation is one feature-packed media player in a very tiny package. Truth be told, it sounds like a great purchase for the $80 price.