2:34 Newell's gone on to discuss the episodic-gaming business model. Short version: Valve likes it. It will even let them explore new types of gameplay in a new upcoming game called Portal (which seems to be a working title). It looks like they took the portal concept from Prey and slapped it on a gun--you can shoot them into walls and floors to solve all kinds of crazy puzzles, teleporting objects around and stuff. Looks like a total mindbender.

TEAM FORTRESS 2. WHERE DID THIS COME FROM? Hey, they're still making it! It's got a totally exaggerated, crazy art style now. Looks a little like Spy vs. Spy or No One Lives Forever, kind of a '60s spy feel. It's going to be the included multiplayer mode in Episode 2! Class-based, etc. You know the drill. Great news for shooter fans. We all thought this game was dead years ago.

And hey, Half-Life 2: Ep 2 will ship for Xbox 360 and PS3 simultaneously with the PC. The console games will basically include all of the HL2 back content, so you'll get everything on there that you can get on the PC. Who expected all this Valve news?