Desktops still have a better performance / price ratio than notebooks, besides dominance of their mobile counterparts on the PC market. The brand new Acer Aspire X3-series X3995 with a basic price in Europe of about 380 EUR delivers that advantage, while not taking to much space on your desk, thanks to the small footprint of 100x367mm.
The X3995 small form factor PC is offered with Intel CPUs starting from the Pentium up to the 3rd Generation Intel Core i7 processor, Intel HD 4000 as a basic graphics solution or one of the AMD 7-series and Nvidia 6-family dedicated half-height video cards, four DDR3 RAM slots for up to 16GB of memory, maximal 2TB hard drive capacity, and a vertically mounted DVD burner, making it a fully capable machine for media consumption, audio / video / image editing, and other more or less demanding tasks. In addition, it has multiple media card readers hidden behind the lower part of the front panel.
I saw the X3995 at the IFA 2012 show standing between full-size desktops and the size difference is really noticeable, while the design itself if pretty much sleek and stylish, with glossy plastics on the front and metal sides.