One of the things I'm really interested in is In-Home Streaming for Steam. It will be nice to just have my main computer on and be able to play any Steam game in any computer in my house. I won't have to have beefy machines on all my HTPCs and I'll have access to my whole library without having to download it to each machine, like I am doing now.
Valve is not taking applicants and just like the other items they have for beta testing, all you have to do is join the group to register. Participants will be selected at random and the beta starts later this year. If Valve can make some thin clients for the mobile platforms such as iOS, Android, and Windows Phone 8, then there's a potential to have a NVIDIA Shield like device for those that don't want to spend any extra money other than using what they currently own.