Update: The Verge dug up pricing for the $299 Q and companion $399 triad speaker option, and the video above from Google has surfaced on YouTube accompanied by the following description:

Nexus Q streams your favorite entertainment directly from the cloud to your living room. Just use the Google Play and YouTube apps on your Android phone or tablet to surf an ocean of music, TV, movies and music, and Nexus Q will play it all on the biggest speakers and screen in the house. There are no downloads, no syncing, no running out of space. Just the stuff you love — at home and out loud.

Following the leaked images of the Nexus 7 tablet from Google, new leaked images, posted by The Verge, point to an announcement of a new Nexus Q device. The feature-set or the purpose of this new device is not clear from the images, but DroidLife reports on some possible information about the product:

Nexus Q Addendum

The following paragraphs only apply if you purchase a Nexus Q.

You understand that the Nexus Q currently supports only Google Play Music; Google Play Movies and TV; and YouTube, and that your use of those services is subject to the Google Play Terms of Service.

The Nexus Q has built-in Wi-Fi and a built-in ethernet controller. You are solely responsible for obtaining internet connectivity through an internet service provider as the Nexus Q does not support mobile connectivity.

In order to use the Nexus Q, you understand that you will need your own: (i) phone or tablet running Android 2.3 (Gingerbread) or higher with access to Google Play; (ii) compatible speakers, AV system or HD TV; and (iii) 802.11a/b/g/n access point Wi-Fi router.

Google provides a limited warranty for the Nexus Q. Please visit this link for more information.

It appears that the Nexus Q might be some sort of AirPlay connection device from Android smartphones and tablets to their televisions. This would be sort of like the Apple TV + iPad/iPhone/iPod touch integrated approach.