If I were them I would be building a console that built for Steam gaming with a ton of cross-platform support, PC interconnectivity, with a splash of streaming video.
I can imagine having a LAN party 6v6 on TF2, and the console could spectate and display a scoreboard on your TV. Also, you could be playing Portal 2 with yourself on your computer and your friend on the console, with your screen displayed picture-in-picture on the TV in the same room. Both of these situations would make me want both PC and console at the same time.
Creating just another console would be predatory to their current business. Unless they are planning on dumping their incredibly lucrative PC business, they should consider making a device that makes people want to buy more games on PC, rather than switching over to a console.
I can imagine having a LAN party 6v6 on TF2, and the console could spectate and display a scoreboard on your TV. Also, you could be playing Portal 2 with yourself on your computer and your friend on the console, with your screen displayed picture-in-picture on the TV in the same room. Both of these situations would make me want both PC and console at the same time.
Creating just another console would be predatory to their current business. Unless they are planning on dumping their incredibly lucrative PC business, they should consider making a device that makes people want to buy more games on PC, rather than switching over to a console.