Word of the console comes courtesy of German language website Mobile Geeks, which noticed a reference to the Gamebox in the database of a popular Android benchmark called AnTuTu (it's one of the benchmarks we use when testing Android devices).
According to the listing, the Gamebox will sport a 5-inch display with a 720p (1280x270) resolution. This is the primary reason why it's believed the form factor is likely to be the same as NVIDIA's Shield, though it's also possible it will look similar to Ouya, but with an integrated display. Either way, as currently configured the Gamebox runs Android 4.3 Jelly Bean.
It seems a little risky to launch an Android console considering it's an unproven market at this point. At the same time, ASUS certainly knows the mobile market well. ASUS manufacturers Google's popular Nexus 7 tablet, as well its own line of interesting (and affordable) MeMO Pad slates.