The Steam Client has been updated, apparently the games browser has been upgraded and the friends network has been fixed. As usual, restart your Steam Client in order to grab the update.

Friends now displays the game you are playing to all your friends

Attempting to add a Friend who doesn't have a Steam account will now give you the option to send them an email, inviting them to become one

The words 'valve' or 'steam' are no longer available for use in the Friends name

Fixed game install dialog over estimating install size for games that shared content

Added a "Don't Show me Again" checkbox to the System Requirements dialog for games

Fixed FPS drop after running a listen server