TotalBiscuit made a few tweets about this issue:
Tweet 1 Tweet 2 Tweet 3 Tweet 4 Tweet 5 "One change I'd make to the Steam refund policy is to refuse refunds for games that have been "completed", in order to protect developers of short games that are less than 2 hours. That said I think the paranoia about mass-refunds for short titles is somewhat overblown. If the player had a good experience with your game, they're not likely to turn around and screw you. If you have that little faith in gamers then I have to wonder why you're even making games for them in the first place? People generally get mad at short games for two reasons. 1) You left them wanting more, which is a good thing, your next game will sell even better. 2) You gave them an experience they felt wasn't worth their money, in which case, that's your fault, maybe reconsider making a game that short for that price next time, respect the customers limited budget and how hard they had to work to earn that money they just gave you. As usual it shouldn't surprise you that my stance on this is Consumer First."
"Oh incidently any games media taking the side of devs over consumers on consumer rights seems to have forgotten who their readers are"
"That said it seems to be a tiny minority of devs complaining, most realise on which side their bread is buttered"
"But yeah maybe if your game is short as hell, disclose that. Honestly if people want your game free, there are other, easier ways."
"Please note I am supporting a policy which literally makes my product less relevant to people, because I am not a twat"