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Yes.
If you check your email you'll see exactly what they're updating. Hint: it's not much and most would say it's probably better for the consumer. Any legal disagreement has no forced arbitration has to go through courts. Also something about class action wavers and cost shifting which I don't know if it's good or bad.
And don't bother asserting any kind of consumer rights. You will be descended upon if you do.
But on the other hand isn't it also more expensive to take it to court? I just don't see Valve making the change unless there was something in it for them. Maybe they were being cheaply sued in Arbitration or something over an over, and got tired of it?