I think it has been a little mistake to show Steem Power as steems and not as vests. I guess the purpose has been to make the wallet simpler, but it's probably too simple since most users don't really understand the underlaying mechanism.
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True. It would probably be good to show both. One thing that is fun to do is click the refresh button in your wallet, and watch the amount of STEEM in your SP balance go up :)