Valve was always going to have competition after proving the market for a portable gaming console outside of the Nintendo Switch exists. The main concern was always if someone could make a viable and affordable alternative. Logitech tried its best with the G Cloud, but it's neither affordable nor powerful. ASUS is trying to solve this with a high-performance portable gaming console that won't break the bank.
According to the latest information, the ASUS ROG Ally will only sell for $699.99 at its most expensive configuration. This means that ASUS' handheld costs just $51 more compared to the 512GB Steam Deck. At that price point, the ROG Ally will have the same storage (a 512GB SSD) with 16GB of RAM and an AMD Z1 Extreme chip.
If true, the higher-end ASUS Rog Ally will make Valve reconsider its pricing. But, if ASUS is feeling up to it, it can push Gabe Newell even more.
Keep in mind that this the most expensive variants of each portable console we're talking about. At the low end of the price spectrum lies the budget-oriented Steam Deck with a 64GB eMMC at $399.