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Guys in LA are working on L4D and Valve in Seattle is working on Episode Three and TF2.
Yes although they are mainly working on it, Valve have had a large input in making the game just right, and have dedicated resources to it. Episode 3 is being worked on, but not by the entire work force. Valve employees have always said, no one has a job title or a specific position, you work on whatever you are put on. Things changes often and randomly.
I expect because L4D is nearly done, the team isn't huge working on it currently. It's tweaking moreso at this stage. The other team working on Episode 3 still won't be far into development at all, so there is no point complaining about your wait, because we haven't even scratched the surface in waiting time yet. It's a long way off, but that must be the way of things to produce a product of sublime quality.