Mine got far enough to let me create a username and password and then made it to a screen asking for a credit card or redeem code. If it had its way, you would be stuck at that screen. It accepts virtual credit cards, debit cards, and prepaid ones, if you dont want to give them your american express black card number. I gave them some $1 prepaid BS with a zip code in beverly hills, 90210 and got past it. There's a rumor going around that a secret button combo will let you bypass that screen. I tried for 30 minutes mashing buttons and never found that combo.
However, by the time you make it to that screen, the android framework is already running, adb is chugging right along. You are perfectly free to 'adb install" apps and another launcher if you want. You may not be able to access the ouya market, even to play the free portions of games. But you can sure as **** sideload emulators, media players, and games.