By not including native H.264 decode acceleration in Pine Trail Intel assured NVIDIA another year of success with ION. Compared to a standard Pine Trail Atom nettop you get the ability to play H.264 content and even play some light 3D games at low quality settings. Personally I think it’s a great option for an HTPC.
NVIDIA’s Next Generation ION isn’t exactly the follow on that we expected. While GPU performance has improved, in many cases it’s a bit slower than the original ION thanks to the anemic PCIe x1 connection to the chipset. This isn’t NVIDIA’s fault, it’s simply a reality that we have to deal with.
Thankfully there’s no impact to H.264 playback, so if you’re going to use it primarily a s a HTPC then you’ll get all of the benefits of the original ION with a slightly faster CPU. If you do care about gaming or CUDA performance then you might find yourself disappointed. It’s still way better than a bare Pine Trail platform, but it’s just not an improvement over the original ION.
The obvious argument against NG-ION would be for Pine Trail + Broadcom Crystal HD decoder to handle video playback. The issue there is missing HDMI support from Intel's integrated graphics core. By not taking the HTPC market seriously, Intel has left the door wide open for NVIDIA.
The Flash limitations are also potentially a deal breaker for some. We’ll have to see if NVIDIA can get 1080p Flash acceleration working by June, but for now if that matters to you then you’ll want to hold off.

As for Zotac’s HD-ID11 in particular, I like the system. At $259.99 it’s a little pricey for not including any memory or a HDD/SSD, but it’s got a good size and look for a HTPC. You have to be pretty married to the idea of using a PC as an HTPC though, since you can technically get cheaper boxes to stream content to your TV. The added flexibility and power is nice though, especially if you use a dedicated software stack like XBMC.
The plethora of USB ports as well as the easily accessible internals are nice. I'm worried that the cooling isn't sufficient for any sustained CPU intensive workloads, not without spinning the tiny fan way too quickly at least. For a dedicated HTPC machine this shouldn't matter, but if you're trying to make this a multipurpose box be warned that it may not always go unnoticed.
The industrial design of the ID11 doesn't really work with most HT components, but it does feel right at home on a clean shelf or next to a flat panel. If you don't have a good WiFi or RF remote option you'll be let down by the Zotac's lack of IR support on the ZBOX.
As is the case with any ION platform, you don't really have to be sold on something like the ZBOX. It's either something you've been waiting for or not. I'd say once we get the Flash issues figured out, some more mature easy-install software packages and make sure there are no remaining hiccups, these boxes will do quite well.