A Steam client update is now available. To apply the update, click the File menu inside of Steam and then select "Check for Steam Client Updates...". The specific changes include:

Steam Client

• Improved in-game overlay DirectX 8 support
  
• Fixed case where Steam could use 100% of a CPU if your Friend was playing a game your client did not know about
  
• Fixed rare case where the client could not establish a connection
  
• Fixed Javascript URLs from being stored in the browser's History
  
• Fixed Friends crash
  
• Fixed Friends notifications of "you are blocking" and "you have been blocked by" being reversed