I understand the excitement because most people have had a good experience with Steam and everyone loves cheap games. I also understand people have grown tired of the Big 3 console makers because they all do shit that we sometimes shake our heads at.
But it is as if nobody is thinking realistically about this.
Valve =/= PC gaming, even tough alot of loyalists to Steam/Valve want to believe that. Some of the most popular games right now are not even on Steam, League of Legends, Blizzard games, most EA games, Minecraft and many more. This means that this console of theirs likely will not have any of these major titles that are associated with PC gaming of today. The catch is that the good stuff Steam does have, is already on the PC and better. What Counter Strike player do you think is going to want to sit down on his couch and play CS with a pad? Look at the numbers for CS:GO, game fell hard and people went back to the original. You think DOTA players want to fiddle around with it?
Yeah Steam is great, most people reading this likely have 50-100+ games on Steam but how many of them do you actually play much at all? Everyone ive seen says the same thing, "i only play CS/TF2 and sometimes DOTA otherwise i barely play my games". Sure its anecdotal, but it seems people enjoy the idea of Steam (and thus this Steambox) more than the actual idea of playing games on it.
Oh look, a cheap bundle, how can i say no to this!?? And then you proceed to never play any of these games again, at best you will boot them up once to set up the graphics configuration and never bother again.
Go ahead, release this thing when its done and lets see how it does, as long as Valve protects themselves and dont invest too much into it.