Steam Broadcasting Goes Live

Starting today, you'll be able to broadcast playing your Steam games to anyone on your friends list with Steam Broadcasting The feature is limited to your friends and will require your approval before anyone can tune in, so it's definitely more limited than something like Twitch or Ustream. 

But the upshot of this restriction is that it'll be a much more personal stream. Rather than a ton of anonymous users yelling in a chatroom, it'll just be you and your friends, a great excuse to just casually talk and react to a game together from anywhere. It also means that you don't need to put up a stream and hope that somebody tunes in; if someone wants to watch you, they'll be requesting it directly. There are other changes to the Steam client in today's update though, including an in-game FPS counter to the Steam overlay, notifications for scheduled game updates, general bug fixes and updates to Big Picture mode, among other updates.

http://store.steampowered.com/news/15512/

Steam Client Update Released

An update has been released for the Steam Client and will be automatically downloaded.

General 

• Added Steam Broadcasting. See http://steamcommunity.com/updates/broadcasting for more info.
• Added in-game FPS counter to Steam Overlay
• When Steam has internally scheduled a game update to be queued sometime in the future, the UI will now display a note to the user indicating that time 
• Fixed a crash preventing 64-bit Steamworks games from launching on older AMD processors
• Fixed starting Steam if instance is already running in other local Windows user session
• Fixed restoring game specific hardware mouse cursors when exiting the in-game overlay
• Fixed errors in web views not localizing properly
• Fixed occasional crash when trying to validate your email address
• Fixed rendering the Steam Overlay in some D3D8 games.
• Updated Windows Compatibility warnings
• Improved synchronization and smoothness of video playback
• Reduced CPU usage when drawing animated images or videos
• Reduced CPU usage when interacting with the main Steam client window

Big Picture

• Fixed to ask the user if they'd like to launch immediately or begin updating the game if an update is available but the game has been played recently
• When running in 720p mode scale embedded web views so they are readable
• Fixed EULA display occasionally failing to display
• Revised navigation on profile menu
• Fixed crash when entering a screenshot description
• Fixed displaying screenshots for games added by shortcut

In-Home Streaming

• Fixed severe frame drop in OpenGL games that occasionally occurred on some hardware
• Reduced impact on game frame rate in D3D9c games when not using hardware acceleration

Linux

• Fixed a rare bug where Steam could delete user files when failing to start

SteamOS

• Fixed some combo boxes in steam client settings accepting text input when selection must be made from dropdown