I figure that I could put a backup copy of my photos on it, use it to host my iTunes library, and because it'll be hooked up to my monitor, use it for hulu/netflix.
Just FYI, Netflix on computers requires Microsoft Silverlight, and while an older version of Silverlight is available for PowerPC Macs, I don't think it's new enough to play Netflix. A new AppleTV would be best for Netflix.
My only real possible negative thought about the G5 is that I can't really hook thin clients to it, nor can I really do much modern gaming/virtualization on it, which were some of the things I sort of wanted in my next upgrade.
Depends on what kind of thin client you want. Of course you can connect serial terminals with any sort of USB serial, but that's hardly that common. But any graphical thin client which works with standard VLC will work with a G5.
