Okay can someone explain something to me. I am interested in getting one of these but I just need some misconceptions/Questions cleared up.

1. Does this function like a Google Chromecast in that I can cast my phone to it and use Android off of that? Or is this a fully dedicated Android Box that I can log into the Google Play store and download all my apps (Including Chrono Trigger, FFVI, WhatsApp and PSX Emulator) and use em via big screen?

2. Can I watch local TV on it or download Kodi and install it? (Im in Canada btw)

3. Is it worth the money?

Cant you guys see what this is.

Why Nvidia bosses talks about working with Nintendo for decades.

I will bet alot.. that Nvidia and Nintendo are preparing to take over lots of casual gaming.

This box can have "N Channel".. and both Nvidia and Nintendo will benefit.. But it dosent stop there.. think about future Nvidia powered smart tv.. Nintendo can sell games to people that dont even have a console.. and tv manufactor that include the channel can get money.. mayby 30% of price.. money they never saw before.

I explaine it better in this tread.. but at the time nobody saw how big this can be for Nvidia and Nintendo.
http://gamrconnect.vgchartz.com/thread.php?id=222217&page=1#6

Oh! Dont forget it has Nintendo games too! The games is what matters after all. 

What is the fundamental difference here between what you describe and Ninty going 3rd party?  I don't see it.
Ninty is known for underpowered consoles, meaning their low power games are trivially portable to many platforms.
No reason it can't be on ALL Android devices, PS, Xbox, whatever.  
They don't worry about multiple HW configs because they optimize performance around lowest common denominator
and simply don't try to fully leverage power of specs above that, as it still works at least as good.
If Ninty's goal is for it's games to be everywhere and not limited to Ninty consoles they don't need special deal with NVIDIA.
Why would Ninty let their strategy hinge on consumers happening to buy a TV with NVIDIA chip?
Why would TV manufacturers want to subjugate their own value in favor of promoting NVIDIA chip to consumers?
Why would Ninty target (NVIDIA subset of) TVs when they can target PS/Xbox who all have the controllers needed for gameplay?
(and whose consumers by buying dedicated game machine are strongly likely to buy many games, unlike TV consumers)

Except it is a machine that will only play 3rd party games. Games that are better on PS4/XBO for close enough price. A machine that has no uniqueness at all.

Depending on what kind of deal they had worked out, this would give NiN way more control going forward. Going third party would mean NiN would have to cater to the hardware at retail no matter what architecture, performance, or brand, which they would clearly dislike based on their past stubborness with their own hardware.

Keeping as much control as possible to cater to themselves would be the main point.

Nvda and nintendo to merge would be huge

And will never ever happen. Nvidia is already huge in the PC market and has no reason to chain themselves down to single console development. There won't be a partnership with this Android box either because any app or game on Android will be pulled, cracked, and sideloaded with whatever modifications people would like. Nintendo will never open themselves up to piracy so blatantly.

The shield?

I know the Pro version was £219 here in the UK, likely same price for this newer one.

I don't think either one would want that merge. NVidia would rather make hardware for PC and other machines, and Nintendo would underutilize NVidia due to their preference for medium-low hardware specs, and it would not be worth the money of the merge/purchase.