Half-Life 1: Birth of modern cinematic FPS. Play the first 10 minutes of any FPS before HL1, then the first ten of HL1 and tell me the difference isn't night and day. Everything else feels archaic, HL doesn't, nuff said.
Half-Life 2: Built on HL1 design principles, and created an awesome dystopian gameworld through great art direction and a hugely innovative physics engine. Like HL1 it had all the basics right as well, with superior level design and great pacing.
Left 4 Dead: Take something like Metal Slug, turn it 3D, make it more immersive by giving it a grindhouse feel, but retain the fun, arcadey co-op formula of creating variety and difficulty through an increasingly difficult, increasingly fun series of monsters to fight in well designed levels, and you have left 4 dead.
Portal: Difficult and filled with ironic humor and personality that make it immersive, the latter being pretty much entirely unique in the puzzle genre.
Left 4 Dead 2: Took everything that left 4 dead was and made it better, and added tons of great stuff for competitive multi-player.
Team Fortress 2: Frenetic, fun, fast. Three words that perfectly describe TF2, and the three most important words for any Multi-Player shooter. Has been updated regularly and constantly.
Alien Swarm: Fun, Co-Op class based top-down shooter given away for free.
1. As a company they turned what was a bad thing in Steam on day 1 in 2004 and turned it into the XBL of the PC, and added an amazing store on top of it. 2. They've been very friendly to modders and community development from day 1 and obviously HL1 and HL2 are some of the most modded games ever.
3. They've promoted indie development at the Steam store, and acquired the talented indie team that went on to make Portal.
The games they have chosen to publish from other teams have all been interesting, deserving efforts: Red Orchestra, Darwinia, Counter-Strike.
They are not over-rated in my opinion. They are rightly respected as great developers who've made a great company.
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