I know WHS can manage media and stream to 360's but can it run an EPG + live tv / recordings like win7 media centre can ?
I agree with Phil,
Best to use WHS for DLNA based media streaming and use an external solution like Windows 7 Media Center, XBOX 360 or alike.
WHS (based on Windows Server 2003) does not have Media Center functionality. Your best chance would be some 3th party application that supports this platform.
For EPG + live tv streaming you best option would be a TV card with driver support for Server 2003 in combination with a product like
DVBLogic. But for the actual user experience you would still need an external box...
- Theo.
No home server like Home Server