NVIDIA is working on a handheld called Project SHIELD (Updated)

There are many new consoles getting released, like the successors of the current Microsoft and Sony systems and the upcoming indie console the UOYA, but now the graphics card developer NVIDIA is also joining the console war. But they are not out for the living room, they are out for your pocket with their upcoming handheld the Project SHIELD. The handheld will be able to run Android games, its own games and it will be able to stream games from your PC to your system using a variant of the Wi-Fi technology.

Project SHIELD will be operated using the open source mobile operating system Android. It will have a 5″ screen, a Micro SD card slot, two analog sticks, a HDMI video output, a battery that will provide you with 5 up to 10 hours of playtime and a Tegra 4 processor.

No release date and no details for the software support of the Project shield have jet been announced by NVIDIA.

Update: It has been announced that the handheld is going to be able to access instant-streaming services like Hulu, Netflix, and Slacker Radio.