This side of Valve annoys me to no end. It ends up as a super secretive organization that has one of the slowest development release cycles in the industry. They release a piece of software at about 1 every 5 years at this point.
For instance, their refusal (or inability) to produce HL3 or episodes of HL2 is just flabbergasting. They have literally millions of people clamoring for it, willing to pay just about any reasonable price for it, and they can't get together the internal organization and direction in order to actually produce it. From the outside, as well as from the stories that have leaked out, it appears that Valve is one of the most dysfunctional and disorganized major companies in existence. A "do anything you want, and no one is your boss!" work environment is every bit as productive as it sounds.
I understand that business is about money, but it should also be about continually producing something you can be proud of, or something that makes an impact on people's lives. At the moment it seems like they're just sitting back with a couple absurdly slow dev teams working on CSGO and DOTA2, and raking in the money from Steam.