Democracy tends to weed out bad ideas but moves at a snails pace. Tyranny is the opposite. It moves at blazing speed but the mistakes are massive. This explains so much about Valve. It's products are high quality but it's a slow company. They're release games very slowly for a company with their money, their source engine is inferior to modern ones, and (not that it matters to me but for some it does) their graphics aren't exact top notch. I think that's why Half Life Episode 3 is delayed for so long, they're working on a new engine to compete with EA's Frostbite 3.
Before EA came out with Origin and Valve starting hauling ass to add features to Steam, Valve didn't look like it was really pushing any new steam features. There was the redesign and that was all. Then as Steam had more competition they starting added Screenshots manager, greenlight, software, source filmmaker, community hub, walkthroughs, big picture mode, linux support, etc...
It feels like the company is trying to stay small and stay the same despite desperately needing to be restructured in order to keep up with competition.
Maybe "staying a startup forever" doesn't work as good as we thought.