Valve Steam Machines, Steam Controller, and SteamOS: Visionary or Vapor?

I've seen the future, and it is Steam. Maybe. Possibly. Honestly, it's hard to tell whether Valve's announcements will actually become a reality. Let's go over what we know.
Valve is working on SteamOS, a Linux-based operating system focused on Steam access, networked game streaming like the Nvidia Shield, and a Big Picture-style interface. It is also pursuing a Steam Machine platform that will consist of several different gadgets from different vendors, presumably based around certain standards to run SteamOS and certain games. Finally, Valve is also making a game controller with two touchpads featuring new haptic feedback technology and a touch screen. The Steam Machine platform and Steam Controller will be given to 300 beta testers, who get the Golden Ticket trading card on Steam and get their elderly grandfathers to finally get out of bed to tour the chocolate factory.