Valve updated their EULA with several important changes, among other things they are openning EU offices in Luxembourg!
But what is more interesting is that they are changing their EULA and you are now signing under Valve's new policy of disallowing class action lawsuits against them. You can still sue them in small claims court though but no class action (lawsuits where individual plaintiffs didn't suffer much damage but when you get few thousand of them together, suddenly there's a multimilion lawsuit).
http://store.steampowered.com/news/8523/ (3rd and 4th paragraph)
Also worth noting that this is only for Americans, their Supreme Court rulled in 2011 about AT&T's EULA doing the same being legal and within the rights to protect your company against frivolous lawsuits.
In Europe you can't just waive your right to something by signing a piece of paper from a private company so they can't enforce it here nor will they try.
What do you think? Sony with PS3 did the same some time back and it created a shitstorm, Sony allowed people to sign the new EULA without this clause, Valve doesn't seem to allow that, at least not now. To me it seems that the good ol' Valve whose Steam became a solid monopoly over the years is getting some pretty "high fence" protecting them against customers.
edit, to make sure people see it: US Supreme Court approved of this in April 2011 for AT&T, this is not above the law in the US and holds up in court there. No need for some "testing".