Valve missed a deadline? *gasp* Valve has never hit a deadline...ever. Team Fortress 2 anyone? But this isn't what makes me laugh, it's that even when they DO release it it will probably A) Not work at all [See Steam] or B) Take at least 1-2 years of patching before it is decent (See Half-life 1) and even then the only reason it's still around is a community based mod that knew how to make something fun and not "Geewhiz" [See counter-strike].
-Jack