I'm tempted to get it - one nagging worry though: would it interfere in any way with my existing installation of FSX?
Yes, installing the Steam version of FSX will steal your existing FSX registry key. After that, installing FSX add-ons will default to the Steam version whenever an add-on installer uses the registry key to locate where the add-on should be installed. The alternative is to use one of the FSX registry fix tools to move the key back to the non-Steam version. Another alternative is to install an add-on to a temporary folder and move the files manually to whichever FSX installation you prefer.
This Steam version of FSX is not really intended for users who already have FSX installed - it's meant to open up a new group of users who've never had FSX before. Having said that, it does contain a small number of fixes which some existing users have found to be of benefit, but given the license conditions between DTG and M$, there are unlikely to be any further fixes or updates to the FSX code within this Steam version. And, to be clear, this Steam version of FSX is actually a (slight) variation on FSX with the Acceleration update.