Basically when not playing VR games, it'll function like an upgrade to the steam deck. Instead of having to look at a screen attached to your hands, further developing the neck pain most people have nowadays from phone games and handheld gaming, you can sit comfortably instead, no matter where you are. And it'll be able to stream games up to 4k, instead of the 1280×800 of the current steamdeck. When running flat games natively it might be restricted to 1080p, if not artificially, then at least practically.

But it does also play VR games when you want that.

An upside compared to other standalones is that it should be much easier to port older PCVR games to run on it natively. And there are a ton of good old VR games now that have stood the test of time that most people still haven't gotten to try. And with a bit of work, a low settings version of half-life alyx could probably run natively now. Along-side a potential flat screen release of half-life 3. Who knows. Would be an interesting way to celebrate it's function. Now that we have solid evidence that Half-Life 3 is actually nearing completion. And a ton of rumours linking it to a similar timeline as Deckard.

It has huge pent up expectations from the community, that’s for sure.

I see everyone projecting their ideal headset onto the rumors. Hopefully it hits as many checkboxes as possible.