As an industrial designer with only 3 years of experience, I have two comments:
1) I've worked with/for quite a few different types of companies and I can say that hiring one industrial designer is certainly a signal that they're at least interested in hardware. But if they're going to actually produce something, I suspect they'd need a larger team. Now it's possible they want one in-house I.D. guy to help them better communicate with an outside I.D. firm (such as Microsoft did with the 360). But they probably want this first I.D. guy to generate initial concepts (sketches, models, etc) they can use to get a feel for manufacturing, look and feel, etc. before bringing on more people to help develop a real product.
Then again, after reading the Valve Employee Handbook, I was enamored at how different they felt as a company, so they may want only one experienced guy to "Lone Ranger" this product vision into development. Only time will tell.
2) I've never wished I had 3 more years of experience under my belt more than I do right now. Working on a project as potentially awesome as this for a company like Valve would be an immensely cool experience. Like I said, that Employee Handbook made me yearn for more companies like Valve to take Industrial Designers. Believe it or not, the thing that matters most to most designers is work culture, not type of product. I'm not alone in saying that I can be passionate and excited about designing almost anything, but it's the people and culture that make the job great. When I saw that position appear on their job boards a few weeks ago, I was psyched! It at least means that someday I could work for a place with as cool of a culture and product as Valve.
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