This is still R&D and not going to be a product from Valve, right? They've probably been sharing everything they've learned with OculusVR and John Carmack.
Valve is not so much working on their own VR solution, as they are partnering up with Occulus VR to improve their solution, at least that was the impression I got when I talked to Valve and the content of their presentations.
Valve is building a VR mode for Steam and is making VR a first class citizen on Steam.
They are iterating on the steam controllers once again and changing the button layouts. The ones we got are not final. They also decided to get rid of the touchscreen idea on it.
It was a pretty awesome conference overall. Valve rocks!