It seems like ARM servers are the best choice for home servers. They have adequate processing power and are cheap.
edit: the real issue is that I can't get a cable connection in my neighborhood with higher than .7mbit up, so it's not like I 'm serving loads of content. I use these for running different tasks usually. Two are dedicated DB servers and the other 3 run whatever projects I'm consulting on this/ that week.
18W peak from the wall, no fan (which is one less moving part to fail). Since it replaced an old P4 system (200W from the wall), I shaved $30/month off my electric bill
I had a Pentium 166 with 80MB of EDO ram and a 1GB hard disk (bought new in 1996 as a P120 with 16MB of ram) until the end of 2005 as a home server, running Windows 2000.
The only time I saw my ~2005 era system have non-trivial CPU usage was when doing encryption, and even then it would peak at around 25% of CPU.
These were all under $50 a piece when you factor in that 3 were free. All of these guys sit on ubuntu server or archlinux and never have problems. Hell, you can go buy surplus/ old 620's from corporate shops for < $100 and build yourself a full Beowulf cluster for under $500.