I think with steam you pay for the convenience, the convenience of having your connection hogged for a few hours :D I think there's also a novelty tax. Download services are relatively new.
It's weird, I bought both left 4 dead and left 4 dead 2 from play.com when they came out because it was considerably cheaper than buying the games direct from the people who made them :S
Their sales are good but yes, the games are always overpriced.
-clippa-
I had the same experience. The Orange Box is still 30 euros here in Germany on Steam, yet it's 20 euros in-store (in fact, I picked it up for 10 pounds from the UK, converted to 12 euros because the value of the pound was rock bottom). So not only did I save 18 euros, I got a disc and a nice box. Even Portal alone costs more than I paid for the entire collection. Modern Warfare 2 is now 20 euros in store, but Steam are still charging 50 euros for it. The astonishing thing isthat, in spite of this huge discrepency, people are still stupid enough to buy directly from Steam. Honestly, why do they do it?
I think you can safely place the blame on your fellow Steamers. By putting up with the pricing policy they've basically ensured that publishers have no incentive to lower prices.
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