Maybe you're right and I'm overestimating the potential disappointment from gamers. Nevertheless I think we agree overall that after the release of HL2 and Steam the company has effectively transformed. In fact I have primarily focused on the financial motivation and I think you're making excellent points that not just financially but structurally Valve might not be in the position to be able to pull of any projects that require much coordination.

I think the point you're making on structure, could also explain the failure of Steam Machines. Something that would require quite a lot of people coordinating not just with others in the company but also with people outside it.