It will be interesting to see how much this costs.
If it is close to the Quest, Valve wins. Hatred for Meta + love for Valve will have a powerful effect. That said, the extra RAM and rising RAM/NAND prices will make it hard for Valve.
Although the Valve Index is impressive, it is too expensive, and in-headset tracking is far more convenient compared to the base station setup. The ability to use this anywhere is powerful, as is access to more games through Steam. I can see a lot of less demanding PC games running on this in a virtual screen mode.