Absolutely, utterly devastating. Ryan Davis, a voice in my head that has made me laugh over the years even when I was at my most depressed, is now silenced. He will be sorely missed. My sincerest condolences to his friends and family.
For those worried about "iOS-style spam game flooding" the pressure is on Valve and the indie community to float the best games to the top. Do you get pissed off that anyone can put an album on itunes, amazon, bandcamp, etc? You're probably just happy you can find whatever album you want... no matter how weird and underground.. the same will go for Steam with this system.