I used to be a firm supporter of Valve, and I held on to the hope that HL3 was still in development, they were just making sure it was absolutely perfect before release, but now I really couldn't care less about them. There's only so much goodwill I can afford before they start draining the savings account, and they've long passed that point in my books.
You see early interviews about TF2, and how adamant they were with "maintaining the aesthetic", which was very unique and they did build a very cool universe. But then you look at it now and it's a complete embarrassment. Props which have absolutely no place flying left and right.
They created one of the most beloved series in gaming history with so many people anticipating HL3, and they're just stringing people along without a single peep, despite being more than financially capable of developing it.
But no, I suppose they'd prefer using their time developing SteamOS and Steam Machines instead of giving their fans what they want, because they turned out to be oh so popular.
They just seem to have completely lost sight of what they were first and foremost - a top calibre game developer. Now they'd rather just crank out some stupid hats or weapon skins and call it a day.
The problem is Steam, which is a huge brand now that makes tonnes of money. If Valve releases HL3 and its success is moderate or, Gaben forbid, its unsuccessful, the Steam brand will get hurt, a risk which the corporate fat cats who now control the company would rather not take.