If you have lots of Steam games, you can, with a SteamOS box, just play those in your living room like a console if you want. You can stream them from your PC (yes you could do this now with a PC - minus the streaming). It also has a pretty cool controller for better FPS gaming on the couch. This is just the beginning of SteamOS and I am excited for another good nix gaming platform. Apple devices were the first really big nix based game system and that took over handheld.
In the end the SteamOS box might put the beginning to the end of DirectX over OpenGL for PC gaming which is good for more games on nix and mac as it is easier porting. I am excited for anything that starts to make console gaming more like PC gaming and nix based gaming systems focused on OpenGL.
This also moves away from the proprietary console hardware and libs that make that more costly to develop, granted XBox and PS are now x86 based to help that more. SteamOS may help standardize across consoles that anything standard OpenGL/CL etc will be more portable rather than locked to console manufacturers with their high devkit prices and selective publishing.