The Ouya is an Android-based microconsole, famous for being financed by a record-breaking Kickstarter campaign.
It became quite controversial, however, for a flawed launch: many backers did not receive their units in advance, early controllers had issues with lag (since patched) and buttons getting stuck (requires a very simple hardware mod), poor wireless performance, and some games had framerate drop issues for not being properly optimized for the Tegra 3 chip.
On the other hand, as it's dead-easy to port from Android, it launched with over a hundred titles, and has since amassed a few hundreds more — including emulators for tons of classic systems (up to PS1/N64 run well) and media players. And if that is not enough, you can easily install pretty much any Android program as well, without modding. For a $99 machine, it's nothing to sneeze at. It's recommended you hold off for now, if you want to play these games you're better off sticking with an Android Tablet.