Update #2: Update Recalled (steampowered.com):
A Steam Client Update is expected for release at around 4PM Eastern (1PM Pacific). When this update is released, you will be required to restart your Steam Client to receive it.[break="changelog"]
We have identified a bug in the recent update which was causing Steam users to download much more content than was necessary. This was overloading the network and not allowing people to play games, so we have reverted back to the previous version for now. There will probably be some network congestion due to all this for the next couple of hours or so.Update: This update has been released. Restart your Steam application.
A Steam Client Update is expected for release at around 4PM Eastern (1PM Pacific). When this update is released, you will be required to restart your Steam Client to receive it.[break="changelog"]
» Added support for "trickle update", which will allow updates to games to be delivered over time before they are activated.
» Optimizations in Steam targeted at reducing CPU and memory load on some systems.
» Progress dialog always shows now during startup.
» Fixed handling of cache fingerprint mismatch on reconnect
» Fixed case which would cause the preloader ignoring errors to send extra messages to the Steam servers.
» Fixed bug in Steam that would cause cache to be validated too often when Steam started. This would cause hard drive thrashing.
» Fixed a potential lockup case and access violation case in Steam.
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