The Ouya will run an Nvidia Tegra 3 quad-core processor (just like the Nexus 7), 1GB of RAM, and 8GB of internal storage.
That’s not a ton of space for games if you’re talking about full-blown, immersive console-quality titles, but there is a USB 2.0 port onboard as well, which should make hooking up an external hard drive possible.
Ouya will also feature 802.11 b/g/n Wi-Fi and Bluetooth 4.0 connectivity, and an HDMI output will push 1080P video to your HDTV or monitor.