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Gamers always keep changing the graphics settings on PC considering this or the other would be perfectly optimal for their upcoming demanding games. Consoles just save the trouble. Or in any case when needed one can opt for a gaming PC later with recommended features.

Now the OS is another entire department it needs to be capable to handle well. I don't see how Valve will be of any purpose to the gamer even as an enthusiast. For them, there's a whole lot range of PC hardware even as notebook PCs to choose from.
Bottomline: A PC is a PC, whatever tag it bears

As of now, Pros and Cons wouldn't matter. But as time progresses, Pros would fade off quickly leaving the Cons to outweigh them. To me Steambox is poised to be a dud.