I hadn't heard of Slice until this, and I watched the video. Have you used one? It was compelling until the part of manually adding content via USB. I assume with network connectivity that media could be loaded like that instead, but the video didn't make it clear, and it seems pretty lame to have to plug it in to load up.
No, I've not used one. I believe it's designed to be primarily an offline media player.
As the Pi sucks at I/O, the idea is that you mount the HDD directly over USB and transfer files to it from a regular computer. Network transfers would be very slow due to the Pi bottleneck.
I wonder if it can be easily upgraded to the new CM.