I wouldn't expect it to. I don't see how anyone can expect it to compete with the major consoles. It won't (not to say it can't, just that it simply won't) run any huge AAA game titles, so it's completely irrelevant on that level.

I think it sits in its own niche. Budget gaming. A competitor for Nintendo's offering, perhaps. But certainly not a competitor for either Microsoft's or Sony's offering.

I think you're more likely to own an Ouya or both it and a "major" console. It would not replace them.