"The Valve console—which seems like more of a hardware standard than say, a Steam 64 or ValveStation—would be a set-top box that can run PC games and use Steam or even competing services such as Origin, according to the report. Unlike the Xbox 360 or PlayStation 3, multiple manufacturers could be allowed to make it. Game developers wouldn't have to pay for a licensing fee to Valve for the privilege of making games for this console, bucking the standards of Nintendo, Sony and Microsoft, which charge game creators to make games on theirs."
Sounds like what i thought they should of been doing for a long time, kind of setting a hardware standard that manufactures can reproduce and compete on. May give pc games a sort of "Generation" if it catches on well with devs, manufacturers, and consumers.