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A preload works a lot like a Steam backup (that is, like what you'd make by right-clicking on a game, and going to properties, local files, backup game files...). The game installing from a preload is, technically speaking, nearly identical to installing from a backup (although the install from a preload is automatic, rather than manual like a backup).
HL2 preloaded before "release", so you had the files on your hard drive, they were essentially a lockbox.
Release hour came, the lockbox unlocked.
So yes, you are downloading the game. How much it will unpack to become I can't tell you. But preloading is prudent in that you do not become part of the launch hammering.
The day 1 patch is included in the Steam preload and PC version in general.
Its only on console where you will have to downlod it extra.
I dont think there even is a PC disc version. You can buy a physical Collectors Edition but as far as i know it only contains a Steam key.
I have not seen any PC games in the store that have the game on disc in years.
Its usually just a Steam installer or even just a empty case with a code.
Can someone explain preloading to me?
It is when the daddy internet inserts his data into the mommy hard drive, and in a few days baby cyberpunk 2077 pops out.
It downloads an encrypted copy of the entire game to your computer.
On release it starts the decryption/unpacking process. Temporarily, this will make the game take up TWICE as much space as it normally does.
Once the decryption/unpacking process is complete, the game will no longer take double space on your storage medium.
Finally, if you have a stable 100 mpbs connection, you are usually better of downloading on release and skipping decryption all together.