The initial release of Steam Cloud will give gamers the ability to save keyboard, mouse, and gamepad configurations, along with multiplayer settings (such as spraypaint images) on Steam, allowing for these settings to easily be transmitted to any Steam-connected PC, negating the need to reconfigure settings when playing on an alternate PC.
According to a report from ShackNews, Valve has confirmed that the first release of Steam Cloud will not feature the ability to archive game files, but this feature is said to be coming in the near future.
While Left 4 Dead will serve as the test case for the free service, Valve has also stated that Cloud support will be made for their back catalogue of titles and that they will be providing the free Steam Cloud toolset to every Steam developer and publisher for widespread implementation of the service.
Valve President and Co-Founder Gabe Newell had much to say about the service in the latest Valve press release, explaining:
"For some time now, Steam has allowed gamers to log on from any computer in the world and access their applications. This also makes it easy to upgrade a PC without worrying about losing your games. Steam Cloud is a natural extension of the portability Steam affords gamers and developers, and we intend to expand its feature set as it is used in Left 4 Dead and other games coming to Steam."

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