I was thinking about getting a Raspberry Pi for some tinkering at home. While looking for it, I stumbled upon the China mass market made "android sticks" which sell for $50 round about. I decided to give it a shot - expecting hardly anything. The only thing I knew was that the hardware of these sticks was better than the Raspberry Pi. So I took the plunge, and boy was I surprised.
First the specs. For $50 you get lot of value for your money. Dual core 1.6Ghz Rockchip RK3066 SOC, 1G ram and 8g of storage. Add micro sd card slot, HDMI connector and USB OTG cable. Benchmarks put the Rockchip's ARM processor equivalent to Tegra 3 if not better. So this is basically a Nexus 7 equivalent, which you can directly connect to your HDTV. And voila, we have a 46in Android tablet running Jelly Bean.
And then there's the basic Android customization and playfullness that comes with it inherently. You can change launchers, backgrounds, icons, apps; stream music using different services, get notifications, weather - everthing. Much smarter than your smart TV.
The only catch that I saw was the lack of touch UI. A wireless keyboard/mouse combo works fine for almost all apps, but you might miss touch for playing some games and such.
There are Linux distributions that you can install on this too, like PicUntu. All in all, it's super bang for the buck at $50. Guaranteed to make your gadget thirsty soul happy :)