To me, a htpc should be able to do alot more than what a zacate will do. It should be able to multitask while movies are playing, it should be able to play ALL file formats and types of 1080p without software tweaks or hacks, and it should be ready to do at least light encoding work and even play some games. It should also handle tv tuners (alot of these rely heavily on the cpu to do the mpeg decoding etc.) It should be able to stream and record one show on a tuner for instance while you stream netflix in another window. There is no way a zacate could do this.
After all, if you don't want all these things you are probably better served with something like a roku or such device. These days with tvs, ps3s, nintendos and blu ray players and everything already doing netflix, hulu etc a htpc needs to be more capable to be worth the price it costs. To me the zacates and atoms make more sense for someone that just wants to check email and surf a few sites basically someone that could get by with something like a tablet but needs more storage space. Yes the atom and zacate systems can be built cheaper than other computers but you are still going to lay out a few hundred bucks to build a htpc with one. What is another 25 or 50 bucks to have a capable board/cpu on it? a amd x2 that is undervolted or a i3 uses very little power at idle also.