Sorry, someone acting like a twit talking about "I'm considering taking them to court." when he has no reason or case deserves a bit of flak.

you can do it, but I'd say consider doing it in a way that won't hurt future relationships, whether between you or him, or with someone else on the board, otherwise you build a crazy persona of a dude who is totally un-like who you really are.
I feel his pain, because it happened to me, and I have over 130 games on there too (about 139, actually). I know what he's feeling, he's out raged, and many people here are unsympathetic which escalates it even further.
I'd like to meet the man who didn't over react when all the shit hits the fan, and it's on his head.

However, read Anjohl's post...he hasn't had his account cut off. He has over 130 games which he has full and complete access to, but he doesn't play them as much because of his feelings about Valve, so he's thinking about taking them to court. That's sheer stupidity.
I have NO issues with yourself or the original OP or anyone else who HAS had their Steam account cut off for pretty BS reasons. You have every right to be angry and outraged!
However, to take them to court because 'I don't like them anymore'...neither do I, that's why I don't do business with them. That's how an adult deals with not liking a company.

Oh shit, I didn't even see that wasn't OP, excuse me.
That guy is a little nuts. Not to say steam isn't bad, but he's got no premise, you're right.

Umm yeah I was not ever saying I was going to sue Valve. A bit silly if you ask me as I and Weclock both agreed to their T&C's so there is no legal case there.
However the T&C's were accepted on the bounds that while I agree to their terms they agree to provide a service. Both myself and Weclock have issues because Valve have stopped providing that service without any reason why.
If you get your phone cut off your phone company tells you why first. If your ISP stops your service then they tell you why (unless you are BT but thats another story). It seems Valve can terminate your service without actually telling you why and thats extremely poor customer service in anyone's book.

If this is directed at me, I have a legal basis for my potential lawsuit, specifically Steam violating consumer protection laws pertaining to their EULA's.

However the T&C's were accepted on the bounds that while I agree to their terms they agree to provide a service.
Read thre T&C (or SSA) a little deeper, like all services, they don't actually agree to provide that service to you 100% of the time:
C. NO GUARANTEES.
VALVE DOES NOT GUARANTEE CONTINUOUS, ERROR-FREE, VIRUS-FREE OR SECURE OPERATION AND ACCESS TO STEAM, THE STEAM SOFTWARE, YOUR ACCOUNT AND/OR YOUR SUBSCRIPTIONS(S).

We both hope this is a mistake and it will be sorted when Valve return bleary eyed on Monday morning. However do you have Cable TV? (Cable = Digital, Cable, Satalite) all cable compnaies have T&C's like Valve yet I have never known a cable company to turn off someones TV thinking they may be dodgy and then sodding off for the weekend.
What Valve have done is disconnect me for no apparent reason then they had a long weekend. Nice. Thats acceptable is it? Yes my account will probably be back on Monday but the fact is it was all taken away and they fucked off for the weekend.

And yet all cable companies tell their customers when and why they are terminating the service.
Actually if you look at Valve's T&C's then yes they are providining a service. They are entitled to terminate that service when it has been abused. Abuse is a variable word I agree but i'm sitting here never having ever pirated a game and never have cheated online. Therefore Valve do not have reasonable grounds to suspend my service.

their tos basically says "we have the right to do whatever the fuck we want with your money, so piss off."

Just because they say it, does not make it true. Consumer Protection law applies.

I never said it was or wasn't true, I was just saying, you agreed to it.

I looked over their T&C's it does not state anywhere that they can remove my account for no reason whatsoever.

Yes, Valve provide a service, but they don't actually agree to provide that service, so if you were to take them to court, you'd need a far better argument than "they agreed to provide a service".
Again, it doesn't matter why they are not actually providing that service as your current complaint (that they "agreed to provide a service") isn't even addressing the reason as to why they may not be currently providing said service.