As concise an explanation of the press release as you could ever hope for.
But let's face it, Valve aren't doing away with publishers, they're BECOMING a publisher. I can see the time a few years down the line when STEAM has been spun off into a seperate company and closes the doors on Valve because it's no longer profitable. Remember, we all loved EA when they started.
Your posting this just hoping you end up being right, right? It'll be very difficult spinning off technology that is tightly integrated within your own software. Are you saying Steam would ditch Valve because Valve is no longer profitable?