Yes! Today's debut of the Big Picture has us all ready to play Steam games on your televisions. I already do that, but this new mode will make my big-screen gaming life much easier with its new interface with its optimizations for readability. This is a reformatting only, with all of your friends, content and library still there.
Big Picture is centered around game controller buttons and commands, though mouse and keyboard are still available. They've come up with a smart way to type with a game controller with their "Daisywheel," a configuration that has the face buttons being assigned to groups of four letters. There's also a web browser that, in Valve's words, "doesn't suck."
Want to try this out? So do I. The beta begins later today.
I love you, Valve.