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Not even close. I suppose if you want to play simple, shallow physics games like Angry Birds or something like Free Cell, they would do, but for deep gaming with high production values like Last of Us, Skyrym, etc., the Ouya and GameStick are not even in the same ball park. First of all, you have AAA titles on the Sony/Microsoft consoles that have a development budget approaching $100 MILLION dollars. That pays for a lot of programmers, artists, composers, sound designers, lighting effect specialists, QA testers, etc., etc. And the result is so different than even a “major” Android or iOS game that they shouldn’t even be mentioned in the same breath.
Let me give a specific example; the Dead Space series has titles available for Wii, PS3, X360, iOS and Android. The level of detail on the console versions is pretty incredible, down to warning labels on everyday objects. The level of detail on the mobile versions is close to a console from 2001 - not completely horrible, but flat, and relatively low detail. Same with character models. The scale of the sets is completely different as well, large worlds vs. narrow corridors. Dead Space “mobile” is still relatively fun to play, but it just doesn’t compare to the consoles, and it is as close to a AAA mobile title as you are going to get.