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If you have an existing PC that stays on 24 hours, add drives to it and make it your file server. If you're going to build a new PC for the sole purpose of being a file server, then I would go the NAS route. Less power usage, easier to manage, just an overall cleaner setup.
There are big differences in the performance capability among these devices as well. With 100 Mb/s networking, the differences aren't significant as you're capped by the network. With gigabit networking, you're not so much capped by the network as by everything else, esp. the hardware performance of the server. Here consumer NAS boxes will tend to do worse than a well-designed DIY server (whatever you want to call it).
I vote for optoin number 3 - windows home server - get the beta + play - you'll love it. The thing i like most is the backups... if you have 5 other computers + back them all up.. if they all have the same file, it only backs that file up once... really a storage saver. It also will automatically keep redundant copies of your file share data without having to think about raid, etc.
After mentioning how good WHS is, I figured I'd mention my previous solution. I ran a copy of SBS2003 (small business server). I'm happy enought with my new backup solution that I'm selling parts and OS from that previous system.
If you're looking to get some really nice hardware + a LEGAL copy of Small Business Server for really cheap, check out this thread:
http://www.hardforum.com/showthread.php?p=1030986177
[silent pondering] is advertizing a FS thread "legal" [/silent pondering]
edit: oh, and have a backup plan for your file server/NASbox....trust me on this.
It has been said before, but RAID is not a backup plan. I was asking about the backup plan for his NAS box, which should already be in either RAID 1, 10, 5 or 6.
If you want a backup plan on top of that, for all your data, you're going to have to double up on hard drives and make timestamped copies.