The point of providing new stuff in the shape of episodic contents instead of full games or expansions was to be cost cutting with the time and budget spent with the development, since the tech was already done.
But they shiped HL-2 at the end of 2004, and since then their episodic contents were 2 games of the half size of HL-2 deployed in a 5 years period. Of course they shiped more games, as L4D & L4D2 (but was initially a external work until they hired the modders involved in the saga) and TF2 and Portal, but Portal was a small project.
So, they didn't want to spent too much time or money in a whole new Half-Life 3 and they start Episode 1 and 2, but at the end this is consuming as time and maybe resources as a whole new game.
I liked more the id Software pattern: they shiped Doom 3 in the same year, then hired Nerve to do The Resurrection Of Evil expansion, then did support the Raven developement of Quake 4, and finally after 6 years will ship a entire new game (Rage) under a entirely new engine (id Tech 5).
IMO Valve is with Steam under the same problem as Blizzard with WoW: they are making so much money with "their new toy" to keep the mind focused in their main franchise.
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