I would say the primary problem at this point is that a significant percentage of Bioshock Steam purchasers are unable to play at all. The Steam servers are crawling and crashing. For some reason, despite the nearly-2GB "preload" we all did, they've decided that another half gig or so needs to be downloaded at activation time, a massive transfer they're totally unequipped to handle.
Valve has very clearly not made the necessary investment to allow Steam to handle a high profile release. I feel like a total sucker. At least I can be sure that there will never be a repeat of this ordeal. It's my friendly neighborhood retailer from now on.
And, on topic, it looks like I'll be playing it in a 4:3 box on my widescreen monitor too...