Shalgroth: I've never found a dedicated server a la TF2 or what have you with L4D1.
People have the option of setting up a dedicated server, but again, I haven't seen one since I bought the game some time last year.
And what about lobbies? Lobbies are just a place to hang out waiting for other players to happen upon your "server" and get the game rolling. =P
EDIT: Whoa.. What the hell?! They list servers in Left 4 Dead now? (yes, it's been that long)
The game has never been a proper peer to peer game like modern warfare 2, its had the ability to play on dedicated servers from the start. Its just at the beginning the stupid match making system chose the server. A little while later they added the ability to choose what type of server in a drop down list from valve offical, best dedicated or whatever.
I haven't even played the game since they added the server list features in. I would be up for L4D myself, but I don't run steam unless I'm actually playing a game on it. So if anyone wants to play your best getting ahold of me on IRC in the GOG channel.