You could build the equivalent PC for quite a bit cheaper or a PS5 and 7 full price AAA games for the same price. No way this is a console-killer, but will be a nice novelty for Gaben fans for whom $1049 is not a significant amount of money.
Just today I was thinking about threading the needle on that and making my own Steam Machine with an AMD BC-250 board. Maybe I still will, it'd be a 10th the price and I do love to tinker.