But as it's technically a front-end, the announcement notes "there is nothing particularly about RetroArch
or the Libretro API that has anything to do with emulators". But then immediately concedes, "most do it use it for this purpose". The word emulation is also listed in the product description. For those that know about RetroArch, it is indeed a powerful front-end that allows for management and emulation of a wide range of classic hardware via various 'cores'.
An all in one solution that is versatile and can run on a number of platforms and devices as a way to play classic games via a graphical interface. Although it does take some getting used to and the the setup process for isn't exactly press a button and now you can play every SNES that ever existed.
That said RetroArch supports a staggering number of of old hardware and consoles via emulation, and has used this Steam announcement to say, "we are open to dialogue with game developers/publishers that have the rights to original IP who want to bring their games over to Steam through the use of RetroArch".
RetroArch has a tentative release date of July 30 - and it's store page is now live