1) It's buggy. Literally 50% of the time when I launch it, it says it can't reach the network. Meanwhile my browser and email are chugging along just fine. Another launch of Steam and suddenly it sees the network. No other app I run has any problem reaching the network ever.
2) Steam "updates" itself every time I launch. I see others saying it only happens once a month, but I literally cannot launch it and have it not update. If I quit and immediately relaunch, it says it's updating and starts downloading stuff. WTF?
3) It shows me ads. Note - it's not like the App store which opens to a list of "what's hot/what's new/what's promoted". It launches, I go to click on something and an ad for a game pops up in a separate window blocking the interface.
4) It shows me ads for games that don't work on any system I've ever used Steam on.
5) Support from Valve is non-existent. If you try to get support for a game, they will by default tell you it's the game vendor's fault, even before figuring out what the problem is. If you try to use their support forums, you are required to use a different login and password than the one you use for the store. WTF? Why would they ever do that?
The list goes on. It's just a terrible app. In my opinion the Mac App Store is lightyears ahead of it in just about every dimension I care about. I no longer use Steam when there's any other option available.
I always liked how when you buy a game, the app freezes, and you get the "thanks for purchasing" email before the app unfreezes.
I don't think it's a terrible app given everything it's trying to do (and primarily that it's a retail outlet, not a social network), but it can definitely do with a bit more polish.