The NX1500 only supports MPEG2 / 4 assistance, or DivX and DVD accelertion and it only has an AGP interface to the graphics chip not PCIe which limits its decoding ability (AGP can send data to a graphics card quickly but cannot get decoded data back fast enough for later processing, PCIe is fast both ways). It does not support H264 or VC1 acceleration which is needed for Blu-Ray playback.
The board will output to 1080p displays via its graphics card but will not have the components or CPU power needed to decode HD films from disc.
My ATi 680 board supported MPEG2/4 acceleration but was abismal at Blu-Ray and in the end I got an add-in card to offload my dual core X2 4200 processor as it dropped the odd frame and always sat at 90-95% usage on blu-ray. Adding a PCIe HD3450 lowered CPU usage to 15-20%.
You may want to look at the new EPIA-M700 or Nano N700 board as it lists VC1 hardware decoding however it does not list h264 hardware decoding so may still not cover all bases.