I think that's what Valve is doing. Valve said the OLED was the actual device they wanted to build in the first place. They could further iterate on the OLED but, as far as I have heard, everybody is really happy with that device. Valve also said there wouldn't be a Steam Deck 2 until there is a significant leap in performance that matches the same power profile. I'm guessing that means 2027 but really that could be 2028 or 2029 with the way things are going. If things get pushed out to 2028 or 2029, I definitely think an OLED refresh could be on order. I still have the LCD and I'm not really in a rush to replace it. Really, for me a Steam Deck 2 would be a nice to have right now.

What I think Valve is actually working on right now is a Steam console. I wouldn't hesitate to buy one of those. I use my Steam Deck as console all the time. It's great, but it would be great to have a console that's unconstrained by the power profile required for the hand held. I'll probably just build my own console and throw Bazzite on there, but still I'd rather just buy the Steam Console.