Refunds on Pre-Purchased Titles
When you pre-purchase a title on Steam (and have paid for the title in advance), you can request a refund at any time prior to release of that title. The standard 14-day/two-hour refund period also applies, starting on the game’s release date.
This is the point I'm most pleased with. Say what you want about pre-purchasing stuff, this is great news.
.....you do realize you've ALWAYS been able to cancel prepurchases, right?
You'd only get steam wallet for it (iirc), but that's not a new thing.
Steam wallet funds are not money, though. It specifically says so in the Steam Subscriber Agreement, look it up. It's not really a refund, it's store credit.
And yes, the requirement of having played the title for less than two hours is indeed too strict. They're are simply not allowed to restrict refunds that way, and enforcing such a restriction will be just as illegal as refusing refunds altogether.
I don't think it's too strict at all. Two hours is plenty of time to decide if you like a game or not. It's not supposed to be a "boo I didn't like the game's ending I want a refund" or "I played 400 hours and now I'm bored" type deal, it's a "it didn't run on my computer" or "game is significantly different than what is described" type thing.
As for them not being allowed to do that, I'm sure valve has plenty of lawyers and I'm sure they talked to them first.
I totally get why they would want to put that limit there, but that's not how it works. The law's the law. Yeah, it means you get people 'buying' cameras, going on a vacation, then returning the camera. It's scummy, and businesses know it's going on, but they have to give you the refund anyway because that's what the law requires. It's specifically designed to empower the consumer. Yeah, of course a few people abuse that power, that's just people for you. It's a tiny little minority, though. Overall it's a very good thing that it is that way, because otherwise the business holds all the cards and you're completely at its mercy. The whole point of the law is to take power away from the business and give it to the consumer. Yeah, of course you don't like this if you're a business, but you can't just write your own rules to restrict rights given to consumers by a law just because you don't like the law. It's the fricking law!
Consider this. What if there's an unavoidable game-breaking bug further than two hours into the game? What if a family member plays the game without your knowledge and exceeds the two-hour limit before you've even had a chance to play it yourself? What if Steam's measurement of how long you've played isn't accurate? Which it totally isn't, by the way. There's any number of situations where this two-hour rule could screw you over.
And yeah, of course Valve has lots of lawyers. The trouble is they didn't go to their lawyers and say "help us make everything completely legit". If that were the case they wouldn't have had a no-refunds policy in the first place. They went and said "help us see how far we can push it and what we can get away with". Every big business does that, that's corporations for you. It's not Valve Software anymore, remember? It's Valve Corporation. Or to put it another way, they don't make games anymore, they just make money. Watch the documentary The Corporation. It's very enlightening.