HDMI won't support local controllers and other input. Are you going to run a wired mouse / keyboard or controller through your house? Can you transmit a wireless controller signal from your host PC to your TV? Neither is an option for me, so Steam Link fits my needs perfectly.

Also, lengthy HDMI cable isnt exactly cheap when your're talking 50ft / 75ft / 150ft compared to some good cat5e or cat6. You also have the option (despite it being inperfect) to do all of this 100% wirelessly with Steam Link using a decent 5ghz ac router.

Valve is not trying to compete with wired HDMI setups with the Steam Link. They're offering you something entirely different, with several of its own perks. The ability to dual-purpuse your home PC as a living room console. That means accessibility and ease of use in addition to the potential to more than double visual performance (depending on your host hardware and network) offered by current consoles which can barely offer 1080p @ 30fps. And it costs $50! I mean come on!

Yeah yeah... what about 4k support and 5.1 audio? Well, lets be realistic here and recognize MONITORS are much different that TVs. Also, why isn't anyone asling these questions of XBone and PS4?

Perhaps you have a 4k TV... chances are it only supports 30fps (hdmi 1.2b is it?) unless you spent a fortune on a 60fps 4k panel with true hdmi 2.0 inputs. Lets not even get into input lag and other "hidden" TV specs that you likely did not or could not research despite your best efforts. Not to mention, if your PC can play games in 4k @ 60fps, you're the 1%. Congratulations.

Steam Link is an affordable main-stream PC-console solution that offers more than advertised out of the box already and promises to offer even more in the near future.