Wired UK:
The app lets users access a number of services attached to the PC or Mac Steam client, including chat, the ability to browse profiles and communities, access to screenshots, browse the game catalogue and even buy games. The one thing it won’t let you do, for the time being, is play them.

The first step for valve to create and commercialize iOS and Android games in my opinion. This could be huge in the future, especially for people who already have a Steam account.