I turn my PC on this morning, Steam Self Updater boots up and I actually read the patch notes for a change...

[-]August 20, 2012 - Steam client update released


A Steam client update is now available. To apply the update, click the Steam menu inside of Steam and then select "Check for Steam Client Updates...". The specific changes include:

- Fixed broken offline mode if Steam process didn't shutdown correctly


- Fixed broken offline mode if Steam process didn't shutdown correctly

- Fixed broken offline mode if Steam process didn't shutdown correctly

Of course only time will tell if this is true! I'm so excited.

Source: http://store.steampowered.com/news/8691/