I still browse the Steam sales. But I rarely buy. Steam has pulled off an amazing feat. They get people excited to buy games that, a decade ago, would be sitting in the sad dusty $5 bin at Wal-Mart. These games would get overlooked because they were in that same dusty bin yesterday, for the same $5. They weren't $15 and suddenly were priced $5 for Christmas. No. They were just old games being sold for whatever Wal-Mart could get for them.
But, take those same games and put them next to Skyrim like Steam does, and now you change the perception. Shoppers don't see the sad tired box art of a game from 1997. They just see a $15 game on sale for this limited time only for $5.