It's a great idea in theory: a handheld device running SteamOS, which can play Steam games on the run. Whether it works or not is another thing, and the Smach Zero – formerly known as the Steamboy – isn't due to release until late next year, so we've got a while to wait.
The specs are decent for a machine of this size: it boasts 4GB RAM, 32GB internal storage, a 720p touch screen and HDMI output. According to a press release published earlier this year, it'll carry an "AMD embedded G-Series SoC 'Steppe Eagle' with Jaguar-based CPU and GCN-based Radeon graphics".There's naturally going to be a tonne of games in your library that won't be compatible with the Smach Zero, but according to the promotional video embedded below it will play "1000+" games, with presumably more to come.
There's not much more info at present. The units are scheduled to ship in Q4 2016, and the price is €299 in Europe, and $299 in North America if you preorder from November 10.