I think we may get TF3 and Left 4 Dead 3 before we see HL3. I also have this sneaky suspicion that they have focused on Portal 3 over HL3, mainly because of the VR demo that was already demonstrated a while back, and because of co-op. Portal is Valve's new baby in terms of innovation, so I can only see them develop it further.
I read that they pulled staff off other projects to work on LFD3 so that is the next game I am expecting from Valve.


