http://www.theverge.com/2013/11/25/5146398/ibuypower-steam-machine-499-radeon-r9-270
Here's the known specs:
-Multicore AMD CPU
-R9-270 GPU
-500GB hard drive
-Built in Wifi
-Built in Bluetooth
-Integrated power supply
-Bigger than the PS4, smaller than the Xbox One
-Comes with Valve's Steam controller
-$500
All in all, for only $500, this is quite the powerful system. It even provides more performance than the PS4, which is the more powerful of the 2 main consoles.
+1 iBuyPower
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More power doesn't mean the games will run better due to better optimization on consoles.