...I want to say, off the top, there's no way in heck the Nvidia Shield could ever crush PS4 and One.
That said, Nvidia's shield console is a lot more than meets in the eye. It's an Android console, yeah, but it also will get native (locally playable) versions of games like Metal Gear Rising and Crysis 3. According to Nvidia, it's about twice as powerful as an Xbox 360... which is probably a stretch, but it is more powerful than last gen consoles.
For the games which it is too underpowered to play, it does do this GRID streaming thing, which is a lot like PS Now. This is actually the feature I care least about in the device. I don't think GRID requires you to pay money to get into the streaming service, though. GRID and PS Now are like mirror images of each other, the only difference is GRID plays modern games and Now plays old games (Now will probably play new games, too, eventually).
The third thing Nvidia Shield does is Chromecast. Literally, it's a Chromecast with much faster wifi, so you can beam anything you want to it from your phone or tablet.
The fourth thing the Shield does is stream any PC games you own from your gaming rig, as long as you use an Nvidia graphics card. Hermits always say you can just put your desktop next to your TV, but in reality, most people put their PCs far away from their TV on a desk and don't want to run gigantic HDMI cords across several rooms (at least, I don't). The Gamestream tech is actually the biggest draw for me, being able to stream my PC games to a TV wirelessly anywhere I want.
I'll probably pick one up when it comes out, but not for GRID honestly.
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