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it's just a *really* convenient, small PC
think of it as a laptop without a keyboard and all the same things apply to it as they do to a laptop mini PC.
They're for different things. The PS5 is for playing PS5 games on a TV; if you want that, have a PS5. The Deck is for playing PC games in bed; if you want that, have a Deck.
Either, both, or neither, are all perfectly valid outcomes depending on a person's own gaming preferences.
It isn't a matter of Steam's track record. Valve built and maintains the platform, it is up to the developers / publishers to decide to use it.
Previously I'd say there is near zero chance for PlayStation exclusives (e.g. first party exclusives) to launch on PC. Often 3rd party exclusives would simply be "console exclusive" such that they wouldn't be sold on Xbox / Wii/Switch, etc. but would still have PC releases.
However, within the past two years that has largely started to change after Microsoft decided to start bringing their titles back to Steam as well as pushing GamePass to PC and their "play anywhere" direction. Sony has started responding to this by starting to launch their exclusives on Steam as well, however, currently these are still done with some delay from their console release on PS5. Hopefully this continues to improve and they start trying to get closer to PC / Steam launches on day & date with the PS5 launch like they did with Helldivers 2.
You can see what this looks like on the Sony PlayStation Studios PC publisher page.
In regards to Xbox console exclusives you can see what that looks like on the Xbox Game Studios publisher page.
In regards to the other portion of your post, I'd concur with others. The PS5 is significantly more powerful than a Steam Deck and has a fairly different primary use case. If you happen to also have a decently powerful gaming PC (e.g. more powerful than an Xbox Series X or PS5), then I'd personally be much more inclined to sell the PS5 and use the Steam Deck with a/the dock for a console-like living room experience; since remote play works very well for more demanding titles and/or titles that don't work well on Steam Deck. Otherwise many new, more demanding titles, will probably look/play better on your PS5.
don't plan on deck handling future releases well. it is for up to ps4 games on the go with maybe some ps5 titles working but that will be hit or miss. i don't think terribly many people have bought ps5 so maybe more games for now are being dev'd with ps4-ish specs in mind.
PS5 has sold more than 50 million units. Not sure where you are getting that "not many people have bought PS5". We are now starting to see this, as last year new games are now starting to be "current generation only" and have stopped limiting themselves to enable Xbox One / PS4 console generations. Several titles toward the second half of last year released without Xbox One / PS4 versions. The majority of up coming games in 2024 will launch exclusively for current generation and PC.
While the Steam Deck does have similar floating point performance of a PS4 and Xbox One X; its APU is still using a modern GPU architecture so it does support newer GPU features. So you will likely still be able to play most new PC releases, albeit with lower settings and lower refresh rates at the Steam Deck's lower 800p resolution.
Also, not every pc game will run, either due to hardware requirements being too high or compatibility issues. Many that will run will not run easily by default, or have usability problems like text being too small.
The “handheld gaming pc” Is still a rather new thing and everyone using one is still an early adopter. The consoles are established technology and platforms and people don’t need to be early adopter types to buy a Switch or PS5.