Someone should sell a usb dongle with an ARM chip on it that can run android using the emulator on your dev machine for display and input. Debugging on a phone is not so bad, but it's not quite as nice as the iOS simulator experience.
They are the Google Reference devices. Admittedly, it's perhaps not as lean as what you're referring to, but as a testing sandbox, I've tried a lot of different phones, but nothing has worked as well, in a general sense, as the reference models.