Could be interesting, but I doubt much will come of it, Valve time is a bitch lol.
There are however a lot of hardware manufacturers that would jump at the chance to strap the label on.
My guess is that it will actually be more of a set of guidelines and minimum specs that hardware manufacturers can get some kind of "Citified Steam Box" label. Rather than a full blown console ala the 3DO. The advantage of giving it a minimum spec is that developers can then target games to run at that minimum spec or higher meaning games should make a leap foreword in tech every few years, and will mean customers that buy a PC that meats those specs/has the badge can be safe in the knowledge most games will run well on the hardware for 3+ years. But shouldn't mean that PC games wouldn't target lower hardware or support more powerful hardware.
Setting any standards in the PC space is always really hard as MS has learned several times over the years with such disasters as "certified for windows Vista". The only company that has really done it and succeeded is Apple as they control both the hardware and the software.
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