The harder part would be getting developers on board to write games that actually take advantage of it. Most current Android games are heavily tied to touchscreen input, and thus wouldn't map well to the traditional console experience. On the plus side, developers who have already sunk costs into developing Android paths for their rendering engines would at least get a lot of code reuse out of that.
FWIW, Android on x86 isn't wholly new even in the retail device space, the current Google TV devices like Sony's $200 Bluray player with Google TV, their full TV device and the Logitech Revue are all sporting Atom chips (so... less powerful than an i5 but still x86) and other than the Logitech Revue these devices are all up to Honeycomb now.
Google TV 2.0 on those Sony devices is actually quite nice and will likely get even better with ICS+. I hope they stick with it and get past all the bad press that came out of 1.0 and Logitech's vocally negative experiences with it.
On the other hand, look at the Kindle Fire, and the rest of the Android ecosystem.
It's a really exciting and intriguing concept to me - disrupting console gaming.
I don't want an Nvidia 580 GTX Android game, that would have no hope of working on Tegra 3 on the tablet. High-end ARM graphics look good enough for most people now. I also think it's a better strategy for Android to "flood" the console market with cheap $100-$150 ARM consoles, than $500 Intel/Nvidia ones. People would still prefer PS3/Xbox 360 over that.