I am a long time fan of Slackware, but recently I've found myself running various forms of Ubuntu and appreciate the ease with which updates and packages can be installed on it. My lazy side especially appreciates how simple it is to setup a backend with nothing more than a Mythbuntu ISO. I do however feel the lastest desktop distro is somewhat bloated for use in a server / headless appliance role, and at times have found myself wishing I'd stuck with Slackware for it's utilitarian simplicity. So I guess my primary question is what distro should I go with? Installing from aptitude on Ubuntu server looks like the candidate at the moment, but I'd love to hear other opinions / experiences.
My primary concerns for this box will be reliability and low power consumption. I fully intend to set it up once, and never need to plug a keyboard or monitor into it again unless I'm replacing / upgrading hardware. Because of this I'm somewhat opposed to the constant barrage of updates with Ubuntu - they totally kill my uptime.

Along the lines of a headless server, another thing I'm researching is the possibility of a configure script to take the place of the mythtv-setup gui. I haven't found anyone else addressing this in the main myth discussion forum or on the mailing list, but I'd love to hear of any experiences or ideas on this.
My current hardware platform consists of an old Intel D865 mainboard with a 2.8ghz p4. But I'm open to suggestions on a power conscious motherboard + cpu setup. Unfortunately I would like to have a minimum of three 32 bit PCI slots for my atsc cards and a hauppauge pvr-250 so an atom based board seems unlikely (I've not seen such a board with more than one PCI slot).