I love Steam even though I'm not a huge gamer in general. I think the Steam sales and user interface are great for driving sales and making playing with friends very easy. I see no reason why this model wouldn't succeed for console games as well. It could even solve the "used game problem" that current development and distribution companies seem hell-bent on solving.
Full Story at The Verge
On top of this news, I saw these photos floating around of the supposed "Steam Box"
Turns out these are just pics of a fan-made PC case-mod... which was a triumph. But I could see a Steam console having some sweet design, or even interchangeable shells.
So keep this story in mind as the current gen consoles reach the end of their runs. Could be there's a new champ by the time the next gen gets released.