Last month, Sony released their own official remote play device for the PS5, called the PS Portal. This is a device specifically designed for remote play, nothing local, and costs around $199 to purchase. If you were hoping for a PSP successor, this is probably the closest you can get from PlayStation directly, but with the Steam Deck OLED, it seems we can enhance the PS Portal experience even further.
Based on a pull request from 3 days ago, Chiaki4Deck, the program used to stream PS5 to your Steam Deck that can be downloaded from the Discover Store, could be adding a second renderer called libplacebo. This renderer has unique features that make it stand out, including the ability to render HDR content. If this gets added, we could stream our PS5s to the Deck in all its HDR glory. The PS Portal does not have this capability, which does give this method a bit of a leg up.
Reading the comments, there is a way to test this now, which includes downloading a file, renaming it, and using the Konsole to install the flatpak, but this isn't something I have personally tested so I won't recommend it yet. Others who have tried it have mentioned how well it works and that it was simple to install for them. Of course, your experience may differ based on your internet connection. But with how well it is working, we may see official support coming in soon.
Ultimately, this difference may be negligible with the price difference between the PS Portal ($199) and the Steam Deck OLED ($549). If you are looking for a solid remote play experience, HDR may not be worth an extra $350, but looking at the overall features of each device, there's no doubt the OLED comes out on top as the better gaming handheld if you are looking to play more portable. The PS Portal has an 8-inch screen with a resolution of 1080p, compared to the Deck's 7-inch 800p, and better haptic feedback, so it isn't a complete upgrade.
If you already have a Steam Deck OLED or are on the fence and looking into what Valve's device has over the competition in this area, HDR streaming would be it!
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Same Sony preventing selling 3rd party ps5 covers will definitely make it impossible to stream with updates later so turning off updates would be wise at least for now..
That is a possibility, for sure.