Valve the the company behind great games like Half-Life, Team Fortress 2, Left for Dead and Portal have announced it is bringing its Steam game client to the living room with the help of SteamOS. SteamOS is a open Linux based OS that has been designed to run the Steam Client (soon to be a free forever downloadable) . Some of the features include In-home streaming from your desktop over your network to the living room. Family sharing allows family members to playing each others games and earn achievements and save game progress. As well as family options so that each member will have there own Steam libraries. Valve also said they are working on bringing music and video apps we love to Steam OS.
As of this post their is a count down to 11AM CST on Steam's LivingRoom page.
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Source: Steam Living Room