http://store.steampowered.com/steam_refunds?snr=1_41_4__42
The Steam refund offer, within two weeks of purchase and with less than two hours of playtime, applies to games and software applications on the Steam store. Here is an overview of how refunds work with other types of purchases.
We do not consider it abuse to request a refund on a title that was purchased just before a sale and then immediately rebuying that title for the sale price.
Not applicable to VAC bans :P
Seems pretty good :D
This is most awesome news, hopefully the customer service improves next!