A PC created with Valve will be shown this week.

Xi3Corporation declares that their computer (in the photo) is specially designed for Steam games and large TV screens. They also say that they received investments from Valve, and that this computer will be on display at the Xi3 and Valve booths at CES in Las Vegas this week.

The computer code-named Piston (apparently, this is Xi3 7A) will have a quad-core processor and a hard drive up to 1 TB. Power consumption - 40 watts (for other sources, 20 watts, but this is really very doubtful). Other characteristics are not yet known. Piston will have a modular architecture, which means the possibility of an upgrade as the release of new components. The price, apparently, will be equal to 999 dollars.
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Observers suggest that this will be the first of the planned Valve "PC for the living room" , but there is an alternative point of view, involving the use of Piston for cloud services.

Based on Kotaku , engadget and SLASHGEAR .

Additions:

1. @iXF: video and a set of ports ( photo ports )
2. @noonesshadow: a better photo and more on modularity
3. @FakeFactFelis: Photo from CES 2013