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Lets see:

Less performance/ $ than a PS4.
Various models of hardware = no where near same level of optimisation possible (less good usage of hardware).
Doesnt have ease of use, like a console (you need to tinkering with settings, before you can play the game)
Has access to alot of PC games, ment to be played with keyboard+mouse.

Im not really sure what the winning points of the Steam Machine are, actually.