Valve has announced a new refund process for Steam users that will grant users a full "refund for nearly any purchase on Steam — for any reason." The refund will be granted for games, DLC, in-game purchases, bundles, and pre-purchased titles.
The refund policy is pretty lenient towards gamers and could easily be exploited as a way to get two hour demos on a game. However, if Valve suspects you of exploiting their refund policy they will stop offering you the option to get refunds on games.
There are limitations to the refunds, though. Games and DLC will only be available for refund within two weeks of the purchase and if less than two hours of gametime have been logged. Pre-purchased games can be refunded at any time and fall under the 14 day/ two hour playtime rule once released.
Bundles will be refunded so long as none of the games have been transferred and the combined gameplay is under two hours.
In-game purchases are available for Valve developed games within 48 hours of purchase, but if the game is developed by a third-party developer it's up to them on whether or not they allow refunds. If the third-party developer allows refunds then you can get a refund for in-game items within 48 hours of purchase.
What can't be refunded? Redeemed gifts, movies and games owned by those banned by the Anti-Cheat system.
