We have just released a Steam update. If you haven't already done so, you'll need to exit and restart Steam.
Here is a list of what's included:

• Reduced the need for clients with fully populated caches to connect to a content server


• Reworked some of the retry logic for content server tickets on the Steam backend


• Fixed weirdness with next/prev buttons in conversion wizard


• Fixed failed login potentially opening two error dialogs


• Added conversion wizard any time a cache for a game is created, if there is an existing installation to convert from


• Fixed bad error messages for connection issues when logging in


• Enabled cancel button on conversion wizard


• Optimized Friends searching with wildcards


• Fixed "NumRegisteredChildern" assert