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Seems like it's probably a console/mini PC. I would assume it will come with Steam OS. We'll see!
A home console only slightly more powerful than the Deck (as reported) would be a flop. It would be less powerful than the PS4. People will be plugging this into 4k 120hz TVs.
I'd be very surprised if it was a home console unless they have some kind of magic upscaling they've built into Proton.
If they manage to put in a 7600 class GPU and sell the whole thing for under $500, it would be a winner. You could build a PC like that, so given the economies of scale, that should be doable.