Steam News announces the release of a new Steam client, noting one of the new features is integration of Steam Refunds support. There's more on their new refund policy in this news update: "We're releasing a major update to how we handle requests for refunds for purchases on Steam. You can read through all the details about refunds on Steam here, or visit http://help.steampowered.com if you’re having trouble with a purchase. We hope this will give you more confidence in trying out titles that you're less certain about." They warn that players abusing the system to get free games may be refused future refunds, but that they do not consider it abuse to request a refund for a recently purchased game to repurchase it because it subsequently went on sale. Here's the general policy:

You can request a refund for nearly any purchase on Steam—for any reason. Maybe your PC doesn't meet the hardware requirements; maybe you bought a game by mistake; maybe you played the title for an hour and just didn't like it

It doesn't matter. Valve will, upon request via help.steampowered.com, issue a refund for any reason, if the request is made within fourteen days of purchase, and the title has been played for less than two hours. There are more details below, but even if you fall outside of the refund rules we’ve described, you can ask for a refund anyway and we’ll take a look.

You will be issued a full refund of your purchase within a week of approval. You will receive the refund in Steam Wallet funds or through the same payment method you used to make the purchase. If, for any reason, Steam is unable to issue a refund via your initial payment method, your Steam Wallet will be credited the full amount. (Some payment methods available through Steam in your country may not support refunding a purchase back to the original payment method. Click here for a full list.)