Nintendo has a major advantage, in that they're not trying to run everything on the Switch. All their first-party titles target low-power hardware, and they make those games smooth and responsive. Valve is trying to give people their entire Steam libraries on a portable device, which is bound to lead to a worse user experience.

If they keep trying, one day the stars are going to align and their hardware dream will hit, but today isn't the day. I give it 18 months to live, no chance at a v2.