ARM processors were made to require less power and not a cooling system, while x86 were not at all made with that purpose in mind, and until them are still so power hungrier and hot, are not the best thing in a portable device...
There was a time when there was no software for ARM processors, but then the iPhone and iOS came along, and after that all those Android devices...
The purpose of the Pandora/Pyra is NOT to run Windows games, is to run a full system using fewer resources as possible and maximising the battery life... all the other things (like actual Windows games working) are just a plus.
So, you are comparing just the "plus" with another device that doesn't have all the main features we are speaking of.
Also damn, you are ignoring the keyboard !! If you think that it is not important go read ALL the threads about the argument... I mean, it's scary how much is needed that thing, and you just take it away...
The Pyra will have the option to change the processor in some undefinite future when an x86 will be cooler and smaller, but until that time, the community will work on the ARM core, and we will see some miracles there. (With the Pandora we are STILL seeing them happens almost every month)
And by the way, I don't like Steam... I use it, I bought games with it, just because of the so lower prices, but I don't like so much being kept in chains, an many on this community thinks the same way as me, so when chances to use games in another way happens I'll happily go with them, because I don't live with the desire to keep Steam "always with me", but I just wait patiently the time when I will be able to replace all my Steam games with standalone ones...