TL;DR: Valve launched the Steam Frame VR headset with an Arm-based Snapdragon chip, aiming to run Half-Life: Alyx natively and streamed from PC. The new hardware features a “Frame Verified” status for optimized games, while rumors suggest two upcoming Half-Life titles supporting PC and VR cooperative play.
FEX will have a performance penalty for CPU bound games (not for graphics if it supports Vulkan (yay passthrough)) so native is better