I found a recent review of the QNAP TS-412 NAS server over at Uk.hardware.info. The review finds that this NAS is an affordable server from QNAP that runs all the same software with all the same options as the more pricey QNAP NAS servers. However, it comes at a much more affordable price - and for that lower price you have to make some compromises:
The chassis is typical QNAP, and that's a compliment, for the most part. Contrary to the expensive models this version is a little more basic. The trays don't have locks, and there also isn't any display. The USB 2.0 port and back up button are still present. On the back there are lots of connectors: three USB 2.0 ports, two gigabit Ethernet ports and two eSATA connectors. The latter are handy if you want to add more storage space to the TS-412.
However, as I stated above, the software this NAS runs is the same as on the more powerful QNAP models:
While QNAP has tried to cut costs with the hardware and the exterior, the software remains virtually the same. This affordable model comes with the same set of features that you find in the more expensive high-end versions. You get extensive RAID options, iSCSI, surveillance apps, multimedia, downloading, and integrated web server, and so on. We analysed them in-depth in our previous QNAP review.
With only 256k of RAM and a 1.2 Ghz processor though, you can't expect this NAS to be the fastest around. However, its speed is enough to serve a home with media files (even multiple HD streams) and serve as a robust backup device. Even playback of four HD streams is plenty fast for no stuttering or buffering:
Intel NASPT - 4x HD Playback - 4-disk RAID 5 71.5 MB/s
Overall, this looks like a good NAS with all the usual QNAP quality and bells and whistles at a reasonable, and some might even say, an outright budget price.