Probably 20+ times, but I always ask for it credited back to my Steam wallet so they're never losing money. I imagine if I were constantly getting my money back they'd be a lot less understanding but so far my refunds have been granted with no trouble.
It's there to increase your confidence in buying games you would otherwise be more uncertain about committing to. Since so many games don't have demo's, 2 hours makes for a great demo. Don't be afraid of it, Valve isn't losing money when you consider how many more games they sell to people that otherwise would never have tried it due to fear of committing to something they were unsure about. I've used the refund pretty regularly since they introduced it and several of them I enjoyed enough to keep....so those were sales I would otherwise never have thought twice about. There's nothing lost on Valve's end.
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