It can go both ways I suppose. But if Valve wants to conquer a place in the living room they will have to take on Sony and Microsoft at some point. Since the consoles haven't hit the stores yet, now would be one of the last chances they have to squeeze themselves in. They would be better off announcing it now instead of announcing it in 5 months, after Christmas when everyone has already made up their mind about the console they want/have.
But I suppose it also depends on when the Steam Box is being released exactly.
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