I stumbled across this today: VIA is producing a "Neo-ITX" (read: smaller than Mini-ITX) ARM-based PC running Android that they are selling for $49! Dubbed the APC 8750, it's a complete ARM-based system on a 170mm x 85mm PCB that's equipped with an ARM 11-based 800MHz SoC processor, 512MB of DDR3 RAM, 2GB of NAND Flash memory for the custom Android 2.3 OS, and a microSD slot for all your "mass storage" needs. It also features 4 USB 2.0 ports, 10/100 Ethernet port and built-in graphics capable of HD output up to 720p through VGA or HDMI.
Based on the site, it seems like they are trying to build a cheap "Internet Gateway" PC. For a modder, seems like a neat little board for an ultra-small form factor PC or a specialty project. It might make a good media streamer to attach to your TV, except it can't handle 1080 resolutions. Lots of potential ideas here, though, IMO. You can find out more (and sign up for pre-orders) here: apc.io/about/