I'm a day one (maybe two) backer. I'm neither all excited or doom and gloom on it either.
The reason I did it, it looked interesting. Two, I'm hoping maybe it or something similar will catch on and give an alternative to the major consoles--Playstation, xbox, nintendo--or PC (can be expensive to keep hardware up to date. Three, the market can use something like this so the independent guy or small company can have a low entry point into getting into the gaming market beyond the mobile device There are a lot of people with good ideas, but don't have the financial resources to try the idea. Last, it was only $100, so the cost was quite minimal.
There are some good games on the mobile platform. Some that could be fun on the TV such as Shadowrun. I think developers could make something even better if the platform could support it.
I'm not saying I expect the graphics to up with the 360, PS3 or next versions of these. But as the Wii showed, if you have a fun game to play, people are willing to play with lower graphics.
Plus, I think it will be interesting to see what other people, such as the XDA community, will be able to do with it as well since it's suppose to be open. Another bonus will be able to use the other media services on Android such as Netflix, Hulu Plus, Plex, Crackle, MLB, NHL, NBA, and so forth. This is assuming side loading APKs should be relatively easy and the APK plays nice. It won't replace a HTPC, but maybe a set top box.