It seems like the Q (despite the pretty blatant mispricing -- I agree that they'll move essentially zero of these at $300) has at least a new mix of features to try. The built-in amp makes it an attractive audio box at least. The idea of driving content from the handsets in the room seems better to me than the (IMHO ridiculous) idea the TV vendors have of making handsets into "remote".
The lack of storage isn't really a problem if everything is sourced from the cloud (which it is already for most of those gadgets anyway). And the "no apps" is silly -- it's an android box. Though I didn't see much about a UI metaphor. Obviously the HDMI display isn't going to be a touchscreen, but you can always plug in a keyboard and mouse (this works today on your GNex if you have the right cable).