Not only that, it's sending entirely the wrong message; all this does is increase US sales while decreasing EU sales, further reducing the likelihood of Valve caring about Europeans being cheated out of their hard-earned euros.
Additionally, it is of no help for those wanting games that are unavailable due to region-locking (even if those very same games are readily available on store shelves in those regions); as far as I know, games can't be gifted to regions where they are unavailable.

Well, i don't have to think that 'far ahead'. Games are a big part of my life but principles and common sense always take front seat, so to me it's real simple: They're treating me like crap, no money for them. No 49,99€ for the latest hype, no 4,99€ for the weekend deal.
As for the wrong message, i see your point but one could also read it the other way around. If sales were to really plummet in EU, i bet either Valve or the European publishers would be forced to take some initiative and actually do something about this mess. The problem is that if i had to guess i would say that if anything their sales in EU increased since last christmas cause the vast majority of people bitch alot but they just can't resist the latest hype, the sweet weekend deals or anything else in between.
As for regional locks, i'm still not sure how gifts work.

I have never had a problem with Steam, and if you just follow their weekend deals you can build a massive collection for far less than you could get the games anywhere else. Some people have had problems with updates breaking games and that is terrible, but other than that the only legitimate argument I have come across is the pricing fiasco.

Same here ... I am getting a nice rainy day collection between steam and and to a greater extent gog weekend deals.

as far as I know, games can't be gifted to regions where they are unavailable.
Region locking on Steam is at point of purchase only. So if you are gifted a game that is not sold in your region, you can still download it and play it with no problems.
There are only two exceptions. First are some retail versions of Valve games (for regions such as Russia and Thailand) which are priced far cheaper than normal. Those copies are region restricted.
Second are some newer games using Steamworks -- recent examples being Saints Row 2 and Dawn of War 2. Those two have to be activated in a region in which the game is being sold before you can play them without regional restrictions.

i actually bought commander keen from apogee rather than deal with steam.