Comment Unlikely (Score 4, Interesting) 272
Now is probably the best time that Valve could release a console: get first mover status in North America against MS & Sony and probably Europe as well. But valve is a software company. Their experience with manufacturing, shipping, retailers, etc is limited at best. The boxed copies of Valve games are published by one of the traditional large publishers. I love valve as much as the next fan boy but the massive operational organization that is needed to support a console launch is slightly outside of their reach. Valve could partner with a distribution/manufacturing partner but the people that have experience in the entertainment space and who would be able to accomplish the undertaking is a pretty short list. EA could probably swing it and would scare both MS & Sony as their consoles would lose EA's games but with origin vs steam on the PC side of things I see this as slightly unlikely. I'd love Sega to make a Steam box, but that's simply nostalgia talking. Sony is the most likely partner as steam is already on PS3 (for some definition of steam) and ps3 runs a version of unix, but it would probably be another wedge between Sony & retail stores.
More then likely this is probably valve's experimentation into console space. They'll probably stream line it so that it's trivial to get your home linux machine to output to hdmi at the push of a controller button. Once the home experience is as simple as it can get then they'll make a business case for releasing their own console or not based upon revenue. Look at what valve has done with micro-transactions, free to play games, crowd sourcing, and non-game software: they dip a toe into the water and then once they're confident they move into that space.