I've got a nice 6 Mbps DSL line, perfectly reliable, I still think steam requiring you to update your game is stupid as hell. They're never small downloads either, no, its always some 50-175MB file, and with how often I play any one game, there is always an update waiting for me. Sorta kills that 'Spur of the moment' gaming, as by the time its done downloading you're not in the mood anymore, or found something else. Installing a game from disk? Here's another 1.5GB worth of updates on top of that.
I've also never gotten steam to play nice in offline mode, not in the years sinse I got Half-Life 2. Now, granted, I don't play that often, but I have installed a few games on my laptop, went on a road trip and... oh right, steam... sat there and listened to music untill we got someplace close enough to wifi for me to start the game. Which, when going south through Illinois (all farm land) is a nice long wait.
To top it off, I really could not care less about anything 'special' steam offers. Ingame chat? Waste of CPU power. Game launcher? Waste of RAM space. Advertisements after closing every game, or waiting for verification of my ID to play? Waste of my time. It is a download client that I can buy games from, remembers what games I own, and my keys for them. That is all, and everything else is bloat with no off switch.