Yes, Steam works fine. However, Steam games are patchy. I've got at least half a dozen which no longer work because of W8. I tried all the fixes drummed up by the Steam community all for naught.

Reinstalled Windows 7. BAM everything works exactly how you'd expect. Hell, it's refreshing not having a fullscreen start menu which takes 2 seconds to start using due to the fade in effect and disorientation you get from transitioning to "Metro" from "Aero."

I whole heartily believe Windows 8 is a waste of money and time for desktop. It should've removed Aero and been Tablet only.