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He's right though, Valve is (going to be) making a strong push into the console market and this would be a first glimpse at something that might eventually be the OS for that console.
Valve has always advocated cross platform gaming and that vision is drawing closer. It wouldn't surprise me if they come up with a complete cross platform system where you can buy a game from Steam on your PC, play it on your PC but where you can also fire up Valve's future console and pick up right where you left off, from the comfort of your living room couch. I can see that becoming a very big success and Microsoft and Sony would be eating dust if they don't start doing something similar.
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I just saw this as "Hey, we know you can already hook your computer up to your tv, but this is going to make it easier, and more user friendly." And that's great, but it's a long ways from getting into the console business. That's not to say they won't. I hope they do. I would buy a Steam Box.