GS News - Half-Life 3 found on Valve project tracker
Projects labeled after company's shooters and game engine turn up in internal documentation; other names include "SteamMMO" and "Steam Box".
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HL1 & 2 are awesome, L4D1 was awesome but L4D2 was meh. Hope L4D3 will get closer to the feel of the original because its sequel felt childish.