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I generally take that approach when it comes to hardware regardless to be honest. But it looks pretty promising. As it's basically just a PC you can run SteamOS on it, or Windows if you prefer. Valve seem to have some fancy software that allows you to run Windows games on SteamOS so that'd be interesting to see. Also not at all locked down for Steam only games, you can run whatever games you want on it, just like a regular PC.
I guess the primary issues are the relatively limited storage size (given the size of games these days, the 64/256/512 GB drive sizes won't take long to fill up) and as always with these sorts of project, the battery life. Apparently between 2-8 hours (from resource hungry gaming to standard web browsing).
Won't be rushing out to buy one later this year, but hope it's a form factor that takes off with other hardware manufacturers following suit. I'm sure Microsoft won't be too far behind if it's a success.
Having very regretfully bought a Steam controller I'll take a lot of convincing before trusting them with hardware again.