First update of the year has been release :)
To update Steam click "Check for Steam Client Updates...". on the File menu within the Steam window. Changes in this update:

• Improved caching of images/icons fetched over HTTP and used inside client UI (avatars, achievement images, etc)
• Windows 7 jump list improvements
• Improved Steam Cloud transfer protocol performance/reliability when syncing large files
• Consistency improvements for stats and achievements
• Improved network communication work
• Added password support to steam://connect command for connecting to game servers. The proper syntax is: steam://connect/[IP:Port]/[password]
• Fix for the overlay sometimes not detecting input messages in games with different focus and active hwnds
• Optimized the stats and achievements system's disk usage
• Fixed cloud games attempting to sync when the client is in offline mode

Updates to the Steam client have been released. This is a mandatory update and Steam must be restarted for changes to take effect.

• Fix for a case where games get stuck with "Download starting..."
• Improved the Windows 7 Jump List. Added more MRU apps, added a link for Servers and decreased the amount of screen real estate it uses
• Fixed in-game overlay sometimes not drawing textures correctly in OpenGL games
• Improved support for future Steamworks features

The much anticipated L4D2 (Demo) has been released.

Maybe VALVe will finally lower the price of the first Left For Dead series which has been seriously overpriced for about a year now -- considering its been selling at Walmart and Target for under 30 bucks for the last 8-10 months. Wake up VALVe, wasn't the idea of Steam to eliminate the 3rd party and offer games cheaper via Steam? Apparently you folks forgot what you said back in 2003 when Steam v2 was launched. We did not forget, it's well documented in our news commentary archive..

Not cool to charge more on Steam, whereas you have an actual CD/DVD with in-store purchases. I guess that's what hunger can lead to in this economy.

Another update to the Steam client has been released.. In addition, Left 4 Dead 2 demo will be released on Tuesday, November 3rd. It will be availble to everyone so preload now and be ready when the demo is released!

Restart Steam to get the update.

• Improve the steam service update process
• Fix a case which could cause a decryption failure for newly released games
• Fixes a crash when the Left 4 Dead 2 Demo starts
• Fix a rare crash on receiving a chat message from a user you don't know as a direct friend

Updates to the Steam client have been released. Get your client updated by restarting Steam. Changes in this release:

• Fixed voice chat in Left 4 Dead lobbies
• Improved overlay screen size detection for D3D9 games with multiple swap chains with different size back buffers
• Fixed rare bug with retail installer which could significantly lengthen install time
• Fixed a crash on activation of a Left 4 Dead 2 4-pack gift
• Update Windows 7 video driver version detection
• Fix urls in chat windows sometimes not being clickable
• Fixed a case where incorrect achievement or avatar images are displayed