Update: We have the full rundown on Nvidia Project Shield here, including specs, features, games, and availability.

CES 2013 has been underway for less than a day and there are already products being announced that will change how we look at technology. For a long time Android enthusiasts have been wondering how long it would take for Android devices to catch up to current gaming consoles. Nvidia had a presentation tonight to let us all know that Android devices have finally caught up. Then they announced Project Shield.

Project Shield, otherwise known as the first awesome bomb dropped on CES 2013 this year, is a handheld gaming device powered by the Tegra 4. It will not only play every Android game out there, but it is also capable of playing console games. We're not talking cheap console games like Magic: The Gathering. We're talking big titles, like Assassin's Creed III.

The specs for Project Shield include a 5 inch, 720p, multi touch display with a Tegra 4 processor. It also includes a slot for Micro SD expansion. It will run vanilla Android as well, so no annoying or bloated skins to deal with. It'll come with the Google Play Store and Gmail.

Seems pretty awesome, but what makes Project Shield great?

The best feature, and the one we're sure will be most talked about in coming months, is the capacity to stream games from the PC. So you have a game on your PC you want to play, you can play it on Project Shield no problem. Want more? Okay, Project Shield comes with not one, but two ways of bringing that content to your TV. You can stream it from your computer to Project Shield and use the HDMI out port included to put it on your TV. Or, if it supports it, you can also stream to your TV wirelessly. The cherry on top? Nvidia has confirmed that it supports Steam games. So it will be possible to use this to play Steam games on your TV.

We know what you're thinking and we agree. Just take our money, Nvidia! Who's going to get one of these when they come out? Also, check back here as we add additional video and photos of Project Shield.

Update. Check out our video of the live event.