It's a good update, but there's a reason it's still on the beta channel. Right now, there's no way for Steam to differentiate between different kinds of Xinput controllers -- the configuration interface can't tell the difference between an Xbox One gamepad, a 360 controller or a generic Xinput device. This makes it hard to save controller specific profiles, and means some gamepads with fewer buttons won't be compatible with community gamepad profiles.

Still, it's a good step forward in compatibility for PC gamers. Once the bugs are worked out, you'll be able to play almost any PC game with almost any game controller.