For those of us who wanted a Nexus Q for what it was, this is a fantastic outcome. I still get a Nexus Q but I get my $300 back.
Refunding customers is the least they could've done.
So you're right. Google didn't do the least they could do; they still will give me what I paid for but they're also giving the money back. This approaches the most they could have done.
I'm still happy with the outcome. I get to hack on the device for a product idea I have _before most developers can even touch one_. And what consumer is going to be upset about Google pulling the launch of a product that was getting panned in the press anyways?
Yes, it'd be better to just hit a home run as you launch the product. Obviously that didn't happen, and no one is claiming it did. This is just the best way to fail they could think of.