I thought about getting an MHL adapter so I could hook up my Galaxy Nexus to my TV, but I decided not to because controlling it would be a pain. As in I'd have to get up and walk over to the phone to do anything.
But now I'm thinking, hey, Android supports USB input devices, right? So maybe I could just get something like
this and hook that up as well, and use it to control my phone.
Other options seem to be much more expensive - you could buy something like
this and instead of using your own Android phone you'd just have a different Android device hooked up. You could make an HTPC and then control it through your Android phone using Gmote.