It's actually 99 dollars
Also, here are the specifications (copy pasted from their kickstarter website):
Tegra3 quad-core processor
1GB RAM
8GB of internal flash storage
HDMI connection to the TV, with support for up to 1080p HD
WiFi 802.11 b/g/n
Bluetooth LE 4.0
USB 2.0 (one)
Wireless controller with standard controls (two analog sticks, d-pad, eight action buttons, a system button), a touchpad
Android 4.0
ETHERNET! (Announced by Muffi 7/18)
I don't think it's just an emulator/can only be used as one. Of corse it's nothing like a PS3 or a XBOX, but it's not meant to be one either.
I don't want to defend the OUYA, I only want to make this clear.