Honestly my ONLY gripe with the steam frame is that it doesn't have a wired mode- I like having the option to plug my headset in with a big ol 15 foot USB C cable for decreased latency. But I'm willing to trust foviation based optimizations here- I've seen what foviated rendering can do, and given the initial reactions I've seen, foviated streaming sounds powerful, especially considering that you can pair it with foviated rendering depending on the game.
I'm also cautiously optimistic about how much should be able to be ran on the headset directly,- VRchat probably can't on account of every other model being very poor, but lighter experiences should be enjoyable.