There has been speculation that Valve has been working on a game console and many were unsure when it would be announced. Xi3 and Valve took time during CES to announce the Xi3 Modular Computer Chassis that will have support for Steam and Big Picture mode.
The system can fit in the palm of a person’s hand with the ability to swap out boards based on various needs. In terms of specs, this joint system will feature specs similar to X7A that includes 8GBs of RAM and 1TB of solid state storage though final specs have no been confirmed.
Size combined with access to Steam and the ability to upgrade the system would save users tons of money as time passes and not require gamers to invest into a brand new system every few years. This may or may not be the Steam Box that has been mentioned but if it features the same modular system of the Xi3 then gamers have a something to look forward to with the next console cycle.