It's amazing how much stuff they can fit in a tiny dongle now. 512MB of ram - tower computers barely had that 10 years ago.
I found this by using google shopper to search for "android hdmi" and sorting low to high.
Here: http://dx.com/p/m2a-android-4-0-network-media-player-w-wi-fi...
This is more like an Android version of AppleTV, and as an AppleTV owner I can say that navigating with a remote is horrible, I only use it for Airplay and XBMC. So there's the issue of how usable is Android stick (the pictures look cool but don't say much).