TV is a better fit for same-room multiplayer. Could even do multi screen games like with the Wii U. Trouble is the GPU is a bit on the weak side, it's fine for the 4" Nexus but probably won't scale up to 1080p
The resolution on the tablet is 1280x800, so about 720p. The Xbox360 is only 720p and that has fared well.
So is the Galaxy Nexus (which this shares a SoC with), and it's considered weak on there. It's unlikely blowing the output up from 4.7" to 47" will be very pretty.