It's more like stealing the crowbar that the burglar used to break into your house. Try as I might, I can't seem to feel upset over this. Their laziness is troubling, but the code stealing isn't.
It's called Steamcloud. They announced it: http://kotaku.com/5011756/valve-announce-steamcloud-sounds-great although I haven't heard anything about it since. Knowing Valve, it could be tomorrow or it could be years before it sees the light of day.