The Raspberry Pi board, which is supposed to offer an easy entry into programming, will soon be supported by Android 4. According to developer Eben Upton, Android already runs smoothly on the picture board, hardware accelerated video decoding and display is already possible - unfortunately only with proprietary drivers.
In the video from Golem.de you can see that the actually weak hardware (700 Mhz ARM-11-CPU with ARMv6 architecture, 256 MB RAM) is enough to display Android 4 smoothly. The Videocore IV from Broadcom is able to decode 1080p videos with 30fps. As there are still audio problems at the moment and code branches have to be merged - but then others can work with Android 4 and a working version for the Raspberry Pi board is within reach.
I will think for myself whether a media player based on Raspberry Pi with Android 4 wouldn't be an interesting and cheap alternative to my current Apple TV 2 - around the topic "Apple TV 2 or homemade Android media player" from a new angle.