This build is serving as my home NAS. It is running FreeNAS 9.3.1 now, with Plex Media Server, CouchPotato, Sonarr, Headphones as the main function. It is also storing my family photos and lightroom catalog. The Xeon E3-1231 is plenty powerful for all those and more. The price (without drives) is a bit cheaper than a pre-built NAS that is less powerful, say QNAP TVS-471.
This is my first server build, and I quite enjoyed it. The motherboard is very bare-bone, with no on-board graphics, no sound, no overclock, etc. On the other hand, it comes with IPMI remote management, and I am really hooked on being able to switch it on from completely off using that. Really cool. It also allows complete management of the system without ever hooking up a monitor, keyboard, mouse to it. (Not even once in 2 months I have been using it.
Jamming everything into the Node 304 does not leave a lot of room inside, so cable management had to be done quite carefully. I am happy with the outcome, but now I'm doubting whether I should have gone with a larger case with better ventilation. It is sitting in a closet anyway, and a taller tower will not make much difference, space-wise.
Edit: The power supply Corsair 750W bronze) seem to have crapped out on me. After some burnt smell, the system shut itself down and now will on turn on. I am going to replace this with something more durable, and perhaps add an Intel 750 SSD in the still-free PCIe slot.