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The problem with the "über emulation box" is that most emulators are only good at translating from vintage hardware to intel hardware. Adapting them to arm will be a lot of work. Also emulation does not scale well with many cores. So I suspect there might be performance issues with emulated 16bit systems despite the overall good performance of tegra3 chips.
Otherwise I really like the ouya concept. The price and openness towards homebrew are all but irresistible. To me it is more of a home computer than a console.
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