As in console exclusive like L4D, the Internet would react to this how?
I was tempted to put 'Xbox Nexus' in the title, just to firmly give that name a foothold; is there a chance that MS would name its next console after one of its glorious XBL 'programs'.
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It wouldn't ever happen though, naturally. Steam IS Valve, and they'd never let their own IP fall into console-only hands.