The device, which is still very much a current work in progress, will be optimized for large, HD displays that will make extensive use of Steam's Big Picture mode.
"As a result, this new system could provide access to thousands of gaming titles through an integrated system that exceeds the capabilities of leading game consoles, but can fit in the palm of your hand."
At present, the device is codenamed "Piston". It features upwards of 1TB of storage and the ability to upgrade the CPU and RAM for the device. Pricing details are sketchy at best, but the device is based off of Xi3's X7A device which is priced at $1,000 (USD). Xi3 also offers up a $500 device that comes with Linux. You should not be surprised if Piston comes out around these price ranges.
If you couldn't tell from the images, the demo device for Piston had a huge assortment of ports including four USB 3.0 ports, four USB 2.0 ports, two Mini Display Port offerings, and an HDMI port, among others. Specifics about the CPU, hard drive, and RAM were not revealed.
(Images and info via Polygon)