tsf
This may or may not be helpful - But I have run a P4 3 Ghz (i.e. single core) PC running Vista with 2 tuners, doing simultaneous recording of 2 HD channels while the extender watches one of those recordings (timeslipped). THE PC was busy (but I didn't buy it to be idle!) So I suspect that quad core / 8GB of RAM would be more than sufficient.
From my understanding, the extenders are doing terminal sessions into the Vista PC - the vista PC is NOT rendering the content, the extender does that (unless you're transcoding, in which case all bets are off) - so network bandwidth and storage I/O performance is probably more of a concern than raw CPU grunt. Perhaps consider a striped RAID array for the drive storing Recorded TV?
I would think that if 2GB RAM is the realistic minimum for Vista, and you're running 4 simultaneous sessions (hope you've got enough tuners?), then 4GB RAM would probably be pragmatic. Now you start to get close to a 32bit or 64bit question - can't help you there, sorry, but I'm sure others can offer a balanced perspective of driver maturity etc.
As perspective, we use that dodgy ($300 from eBay) P4 to watch 720p MKV rips, AVIs & xvids & H.264, as well as DVB-T HD television (it copes fine with HD sport, mmm Stephanie Rice...sorry, got sidetracked

). I've got a dual usb tuner in the moment and am under pressure to add more and this system copes fine with being used as the primary VMC, and serves the Xbox when needed...
You don't say whether you will use the HTPC as HTPC, or just as a "server" with the Extenders being used to consume content - but if it's a "server" then you can go easier with the hardware, if it's also being used as a HTPC then I would go for a bit more grunt.
My 2c
