No, sorry - it's not happening. I was just thinking of the idea, and, well think it would be quite cool!
Being Google they'd do it properly, it'd look cool and probably tie in to give you access to all your Googledocs, email and suchlike on the fly. I reckon it'd also have a really nice, sleek interface that's coded very nicely under the hood and runs fast and efficiently. But the biggest thing is - knowing Google it'd be an open platform! So no need for chipping any of the things, mucking around with flashing firmware - you could essentially do what you like with it. And because of the open source nature it encourages, chances are there would be lots of free games to pick from online as well as the various paid ones.
Hey, it's probably never going to happen - but I thought I'd throw it out there! We've got open mp3 players, phones and PCs now and have had them for a long while. Why not an open games console?