Right now the only real high-quality solution for remote streaming is Apple's AirPlay, and it has its limitations. The biggest problem is that it's locked down to Apple products and software; except for Airfoil, which improves matters greatly. But you still need an Airport express or AppleTV to stream to that you can hook up to your stereo.
But if we have an open lossless streaming/device API, then that's a great advancement. Hopefully they've thought that far ahead, hopefully it's open, and hopefully we can see other devices and platforms interoperable with it. We need an open media streaming API, and I truly hope that's what this is.
Also given that it's got an integrated class-D amp, and it appears the speakers (https://play.google.com/store/devices/details?id=nexus_q_tri...) made by Triad should be excellent and (hopefully) efficient little monitors, though $300 is still a bit steep (Paradigm mini monitors at $199 would be a better set). The combination could sound quite good. If not that, then it has integrated optical out to throw into your own DAC or receiver.
I think there's an audiophile or two in Google and this is the product of that. Not a bad thing!