Yes, you could probably run the games on your PC.
What I mean though , is if you bought a Steam branded console and ran all your games through that.
A Steam console if likely to be much more tightly integrated with their cloud stuff than a regular PC would and be reliant on valve for software updates so there might be more implications if they switched the cloud services off.
A Steam console if likely to be much more tightly integrated with their cloud stuff than a regular PC would and be reliant on valve for software updates so there might be more implications if they switched the cloud services off.