Well it IS made by a dodgy Chinese company, but because of the community this thing has seen A LOT of emulators, games, apps, etc already. So, I think you would call it 'legit'.
Just because its open doesn't mean it isn't "real" or whatever. The fact it may not have many "official" games means nothing, IMO. Homebrew is pretty sweet, and the fact the console supports it out of the box is pretty cool.
Its all of the above. It allows for homebrew and has a good community of homebrew developers built around it but its also a totally legit and well constructed piece of hardware.