I don't think they intend people to use a keyboard and mouse really.
There is no video out because they want you to either use the cloud, or their Nexus Q integration.
Technically even using the Q it's still the cloud. The Q gets the command from the tablet but streams the content from the Internet. I'm pretty sure that's at least the default behavior though there may be some local media sharing possible as well but I'm not aware that there is.