I have been wanting an Android console for a while now because I have had my Nexus 7 almost since the day it came out and I have paid for loads of great games. Since looking on kickstarter I have seen the OUYA console and the Game Stick, I have no idea which one would be better but I asume the OUYA would have better hardware specifications?
Hook up your N7 to your TV and wireless controller. You have your OUYA (both use the Tegra 3 SoC).
If you're really bent on a console, I'd go for OUYA. NVidia (Tegra 3) has better dev support and games should be better optimized for that hardware platform. Game stick utilizes a dual-core Mali-400 GPU, which may be more powerful than the Tegra 3's ULP GeForce in terms of raw performance, but again, because of Nvidia's relationship with game devs, games will be optimized for Tegra. Also, on the CPU side of things, the GameStick's AmLogiv AML SoC utilizes a dual-core 1.5GHz ARM Cortex-A9, while the Tegra utilizes a quad-core 1.6GHz ARM Cortex-A9, plus a low-power companion core.
I'd wait a few months because Nvidia shield is suppose to hit in the Second Quarter of this year and it has a Tegra 4 SoC. (Cortex A15 cores + More GPU Cores vs the Cortex A8 cores of the Tegra 3)