The problems you’re describing, aimology (CoD4 not working, patches being delayed), are due to poor implementation of the Steam framework. When it comes to patches, especially regarding Steam exclusive games, Steam (and other delivery platforms) are flat-out awesome. Being able to instantly patch your games gives developers the ability to frequently release small updates and quickly hotfix them, should any bugs emerge (and they always do, no matter how much you bug-test :)).
It also makes the installation much easier. Installing CoD: WaW is a two-click process on Steam, whereas with the retail version you got to insert the disc, enter your CD-key, install the game, install patch 1.2, install patch 1.4, install patch 1.5, install patch 1.6 and finally install patch 1.7. You also, of course, have to manually download all those patches.

Next they’ll be saying their monster gaming rigs are brought to their knees by running one app in the background.