Microsoft recently bought ZeniMax, which makes lots of popular titles that I played on Steam. Unreal is working on their own game store. PS and Xbox has had exclusives for years.
If it keeps going this direction, Valve will have to pull a rabbit out of their hat. Either by making some great games again or surprising us with something completely new.
Competition is great for consumers, but I am somewhat rooting for the guys that improve free, open source software in the process.