Valve is making a console: Steam-Box (rumor or truth?)

I have read many articles that suggest that the console is actually in the making. Is this just another rumor or is Steam actually making one?
http://www.gamespot.com/news/valve-readying-steam-box-console-report-6364279
http://www.joystiq.com/2012/03/08/valve-debunks-rumors-of-steam-box-console-pc/