Will the HP MediaSmart Server EX485 support 1080p?

[shinnlly]

I just purchased the SageTV HD Theater bundle and it should arrive tomorrow. I have been reading about how WHS is great platform for the Sage TV Server software, so for this and other reasons, I have been looking at the HP MediaSmart Server EX485. This box has 2 GB of RAM, but is powered by a Intel Celeron 2.0 Ghz processor.

I should point out that I do not plan to do any PVR functions with SageTV, just playback of video files I already have. Also, I will only be using the HD Theater for playback, no PC clients.

Currently I use a popcorn hour to to stream BD rips, after "converting" them to mkv files with tsmuxer.

If I install the SageTV server software on this box, will it be able to stream 1080p files ok to the HD Theater? I have read the RAM is the important thing on the server, not the processor, but the word "Celeron" scares me.

Is anyone else doing this with a similarly spec'ed PC, HP or not?