HTPC or TV all in one solution?

Recently my dad and I have been debating the advantages of getting an all in one solution (eg. tv recording, blu ray, surround sound system) for the tv or constructing a HTPC with a good soundcard PVR and Blu ray Drive.

The parts im looking at so far are,

  Intel 4770k (water cooled to reduce noise, good for quiet parts in movies)

  Mini ITX motherboard (still havn't decided)

  4tb Black series hard drive and a 120gb SSD Partitioned for booting and caching.

  Soundcard capable of 5.1 surround

  PVR capable of 1080p TV recording

  A slim or 3 1/4" Blu Ray player (we dont intend on writing to blu ray disks, Also depends on the case's disk slot size)

  For a case im looking at the 'Lian Li PC-C37':

  For keyboard and mouse im looking at getting a wireless apple keyboard and trackpad and using a connector like this:

Things i could use some help on,

  Should i overclock a 4770k and use the Intel graphics for less noise or get a cheaper processor and graphics card?

  Do i need more hard drive space?

  Would it be worth it to just get an all in one system?

  Problems with HTPCs?

  Benefits of HTPCs?

  Ultimately is it worth the pricetag?

Thank in advance :)