The Steamboy is a handheld gaming device packed with a quad-core CPU, 4GB RAM, a 32GB built-in memory card, and a 5" 16:9 touchscreen. It uses Steam's streaming functionality to let you play AAA PC titles on the go and it looks pretty damn spiffy at that.
With Steam Machines on their way, it was really only a matter of time before something like this surfaced. The portable gaming market is huge and it would be silly if nobody capitalized on that. The Steamboy team haven't announced a release date yet and apparently some question whether the Steam OS handheld will ever come out at all. If it doesn't, expect someone to step in and take their place. The power of Steam in your pocket is too good of an idea to pass up.
Again, not a euphemism.