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Definitions by Stuart P. Bentley

Valve Time 

The expanded time Valve uses when talking about anything that will involve them working. Like a new york minute, but in reverse. See Valve week and Valve month.

The conversion factor is approximately 2-6 times whatever the stated interval is.
Loose example of Valve Time from the Steam August 26 update news:

"Fans will remember that Blue Shift included a "High Definition Pack," a set of visually enhanced player and weapon models. We've had to iron out some technical wrinkles with how we deliver the HD Pack, but it will be made available through Steam within the next week or so."

As of November 20, 2005, this content still hasn't been released.
Valve Time by Stuart P. Bentley November 20, 2005

Valve week 

An interval of Valve time from 2 weeks to a month.
"Hey, DOD:S is going to be released next week!"

"But that's a Valve week. Expect it in September."
Valve week by Stuart P. Bentley November 20, 2005

Valve month 

An interval of Valve time from 2 to 6 months.
"The Source SDK will be compatible with Visual Studio Express in a Valve month or so. If we start production now, it might happen by the time we've fully modeled the content."
Valve month by Stuart P. Bentley November 20, 2005