http://www.redorbit.com/news/technology/1112656695/miniature-quad-core-computer-for-under-130/
It has 4 cores, 1GB or RAM and a Mali 400 GPU which is a bit more powerful than Tegra 3 apparently.
A nice basis for a hackable games console?
And if the form factor isn’t an issue you can just get a real PC. Consoles are all about uniformity, supply chains, marketing partnerships, developer relations, distribution, all that stuff that makes them a commodity and not just J. Random Hacker’s Hobby Platform.
True it blows a RPi into the weeds but then it costs the same as 5 RPis.
Cas 
I’d like to build a little gadget some day, a retro-style puter like the one I learned BASIC on as a teenager (tiny green CRT screen and integrated keyboard) but the RPi is definitely closer to my budget. And of course it would have a better (lighter, color) screen and run off a battery - time-warp that back to the eighties!
What’s wrong with a bit of hacking anyway?
Once we get to 3 digits (and with the inevitable UK premium on top! 
), it stops being something I’ll just play with for the sake of it, in which case I’m more interested in the upcoming Intel NUC.
I’ll stick on 256kb microcontrollers.
I’d be up for building my own Ouya, but only if the software/OS was open source so that I could get whatever version of an Android store they’re going to provide (wouldn’t want to be on a platform that didn’t have games built specifically for it), and there was a compatible gamepad that worked out of the box. Anything less and it’ll be a better use of time/money to just buy the Ouya outright, assuming they deliver on releasing it to market.
I am working on an emulation box based on RPi. Many people have successfully got the software running on it, but they all seem to be “build it yourself” setups without a lot of instructions or a distribution model. I’d really like to build a stock image with the emulators pre-installed (no ROMs though, of course), that provided a “turn on and play” experience. I’m fairly close to that already, but need to work out some performance problems. Already found a supplier of replica NES controllers - yes, the ergonomic nightmare models.