Have you played the new game Chivalry?

Its like mount and blade but pure multiplayer arena action. I found it frustratingly hard, its a mainly melee fps. However its a refreshlingly newish game style. Its pretty addictive if you don't mind what to me is a steep learning curve. Btw there is also a archer class you don't have to be melee.

The game is not from valve, its from Torn Banner Studios, all it is is a released version of Age of Chivarly, which was a half life 2 mod, made by Tom Banner Studios. The mod was fun, the release game only looks slightly better in graphics, and gameplay felt almost identical with only a couple changes.

Dang I could of swore I read it was valve. Looks like your right doh thats half the reason I bought it.

Well the game is based off a great mod for one of valve's best games, so it has a good base. But yeah any game's that valve is developing would be big news and would have gotten more coverage on news sites and steam.