Valve Software (tm) is pleased to announce Source and Hammer World Editor 2.0. This new engine has been coded from the ground up with user content creation in mind. We at Valve have learned a lot from the Steam Workshop(tm) and have created Source 2 around the idea of user creation. As a result, Valve will not be releasing any games for the foreseeable future, and there are currently no products in development. All future valve published games will be created entirely by our Steam User Base, submitted through the new Source Steam Workshop.
Hammer 2.0, bundled with every purchase of Source 2 is the worlds most advanced level creation software. With next to no bugs**, Hammer 2.0 boasts an advanced array of innovative features, such as Reference Coordinate Systems, Multiple UV channel support with blending, Shader creation, a Real Time integrated particle editor, and most exciting of all, a Real Time Lighting Preview(tm)(c).
Source 2 will go on sale on April 1st, 2013 for a price of $1337 USD. We hope you all enjoy it and we look forward to what you all create for us!
* by this we mean no bundled insect models (in fact, no bundled models at all)
** There are in fact many bugs that will likely never be fixed and cause you to loose entire maps
Source: http://store.steampowered.com/news/10189/
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