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ValveTime.co.uk | Valve News, Forums, Steam
Gabe Newell gave a presentation at the Showdown LAN event the other day (thanks Greg), which seems to have focused on the Steam Community. Fortunately for us someone had a camera, but don't get too excited: there's nothing particularly remarkable yet. There are surprises, like global voice support handled by Steam itself and support for external games, but otherwise it's what you might expect from a post-Xbox Live community system.
Gabe's release estimate is July, before the launch of Team Fortress 2 and the Orange Box.