Valve has had a Big Picture mode since the early days of Half-Life 1 to test their games on all types of displays. The current “prototype” is part of this initiative, and not a new thing.
Why do I say, “yet?” This is an idea that many were excited about and shows Valve that the desire might be there. This sort of thing is certainly a possibility, but not one for the present or even near future. Personally, I love Steam and am pleased with the way it functions, but if a Steam box got more of my friends on the service to play with me, I’d be all for it.