Ars reveals Steam’s most popular games. "Right now, I can tell you that about 37 percent of the roughly 781 million games registered to various Steam accounts haven’t even been loaded a single time. I can tell you that Steam users have put an aggregate of about 3.8 billion hours into Dota 2. I can tell you that Steam users tend to put nearly 600 percent more time into the multiplayer mode on Modern Warfare 2 than the single player mode." Lots of graphs, assumptions and caveats as they look at what games are popular via bought, players and hours played. They issued this update, Steam Gauge: Addressing your questions and concerns.
I saw this via Brian Fung's article, This is why Valve’s business model is so totally brilliant. "Valve is one of the most successful game companies on the planet. It helped usher in the idea of digital distribution. The company's version of an online app store, Steam, is known for selling games made by third parties, such as Skyrim and Call of Duty. But Steam's real value lies in the way it gives independent publishers equal footing against big corporate game makers."
Towards the end he linked to this interview from 2011 which I found really fascinating, How Valve experiments with the economics of video games
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