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No not an operating system for trains but an operating system built around Steam itself.
From the articles you can find down at the bottom in this post.
Seems steam realized, or rather decided, that the operating systems that they could use for their Steambox, or whatever the hardware is, to maximize what they can keep as features for Steam. Developers seem to excited about being able to get extra juice from the hardware. They are currently working on decreasing latancy within the software side of things.
http://store.steampowered.com/livingroom/
http://store.steampowered.com/livingroom/SteamOS/