I haven't had much problems with Steam and I certainly don't hate it. In fact I like it because then I don't need to keep physical medias with their "copy-protections" around, which I hate more than using Steam.
Anyways, yesterday I updated Steam and HL2 titles just because I hadn't done so in a long while. Steam had to update itself and that took a long time, maybe longest it has ever taken. Since this was an isolated case, I didn't think much of it as I assumed the servers were a bit overloaded at the time.
- You complain because you forgot your own account logins?

Get a grip.
- Does your Steam account have valid and up-to-date email address? If not, that's why you did not get any emails.
- You don't have to wait for game updates to finish to play your games.
The only matter worth complaining about are Steam freezing during updates, but I have a hunch you were impatient and did not wait nearly enough for the updates to progress. The rest though I find ridiculous. Especially when your alternatives such as safedisc, securom and starforce and of course, using physical media in your drive while playing cause much more problems in daily basis than Steam and similar distribution methods do.
Just to make an example, I bought DarkStar One some time ago. The game uses new TARGAS copy protection which has not been cracked yet. This copy protection is so good that it makes my DVD-drive sprodically disappear mid-game, then when the game tries to access the game DVD next time, it freezes. I have to reboot my computer to get the drive working again.