Steam, Source Engine, and Half-Life Dedicated Server updates are available and will be applied automatically when Steam is restarted. The changes include:
Steam

• Pressing the cancel button while Steam is loading will bring up the offline dialog


• Fixed 100% CPU use on startup


• Fixed use of quoted parameters in "-applaunch" command lines

Source Engine

• Fixed exception info spam in debugger output window for SDK users

Half-Life Dedicated Server

• Enabled support for new query protocol (fixes HLTV server not appearing in the server browser)

Update - Fixed command line parameters being ignored when using desktop shortcuts for some games