Since the thing is getting its official unveiling at CES, it's pretty sparse on the specs right now.
[url=http://www.pcworld.com/article/2066983/first-look-at-a-steam-machine-ibuypowers-pc-has-solid-specs-xbox-like-price-tag.html]Multicore AMD ??? CPU
??? Motherboard
??? RAM
AMD R9 270 GPU
500 GB HDD ??? RPM
??? W internal PSU
WiFi
Bluetooth
SteamOS
Steam Controller[/url]
It will be able to play all Steam games at 1080p/60FPS, though that will mean dropping to High or Medium settings, based on PC World's testing of the GPU with some performance-heavy games. If you're okay with 30FPS, go nuts.
iBuyPower says it will be between the size of a PS4 and Xbox One, and like the PS4, there's no external power brick. It will have a customizable light bar in the middle. Yay.
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Can I play console exclusives? Oh wait...