No, Project Shield is not some Bond villain-level scheme to distract Her Majesty's Secret Service and make off with 4 billion British Pounds-worth of gold bullion, it's simply an Android powered hand-held gaming device from NVIDIA. But it's not your older brother's hand-held gaming device, either.
Project Shield is a full-sized controller that supports a small (but not like iPhone small) screen and plays both Android games and streams games from PC services like Steam.
In this video from their weekly Android Thursdays series, Random Guy shows off Arma Tactics.