For what it’s worth, I have a set-up similar to what you are contemplating. I have a WD My Book Live Duo 8TB personal cloud connected directly to my router. I also have the WD TV Live Hub in my media room, connected to my network through the Ethernet output. My house was built two years ago and I had everything pre-wired for a distributed AV setup. I try to make sure all of my equipment is connected by ethernet to the network and I have two Gigabit router switches to accommodate this. The only time I use wireless connection is with smartphones and tablets. Watching over wired connections is no problem at all. I can tell you from experience that you probably need to have pretty recent network gear to stream 1080P wirelessly on your network. For this to work for me I had to upgrade the router to at least a Gigabit router and my tablets/phones all operate on Wireless N or Wireless AC standard. I haven’t tested doing multiple devices streaming simultaneously, but I doubt it would work. On the other hand, regular DVD (480P) video and music or photos stream just fine.
I like the personal cloud and the ability to access it from any of my equipment on the network and from my phones/tablets. I also enjoy accessing everything remotely, off network, through my phones and tablets. One problem that I’ve run into though, is that I still cannot stream 1080P video remotely (off network) over 4G or most wifi networks I can connect to - they just don’t have the bandwidth for it.