That entire video is speculation and poorly researched speculation at best. First obvious lump: Anonmymous source. For all I know, they're just making shit up. Second, for all their quaint calculations, they're missing one crucial piece of information: The other half of Valve's operating numbers. Namely, the cost to make Half Life 3 and the cost of operating Steam.
And they're afraid of some Mass Effect 3-esque backlash? Really?
If you really think about it, that doesn't make any fucking sense.
First, ME3's backlash stems from its shitty ending, and the shitty ending came about because EA are slave drivers when it comes to production. Mass Effect 3 needed more time in the cooker to realize its original lofty ambition; instead, it was given the standard EA 2 year rush job.
EA loves to rush game production and has for over 17 years. This is news to absolutely nobody (or should be to any serious industry analyst). From a producer standpoint: You can't really control how people will respond to a game, but you can control quality.
If there is any one problem Valve absolutely DOES NOT HAVE, it's quality control and rushing games to market.
Second, "It won't live up to expectations."
So fucking what? NOTHING really lives up to expectations these days.
Yet that hasn't stopped every other publisher from trying to spin and hype the hell out of their games every sodding year. Despite the myriad disappointments, the market still hasn't crashed, so why would HL3 be subjected to anything different?
This shit doesn't exist in a vacuum.
Even if you rolled with ME3 tainting everyone's expectations with some sort of original sin (which it hasn't, but roll with it anyway), Valve's game development record is remarkably untainted compared to literally everyone else in their league. To the point where I'd say that of -ALL- the producers working in the gaming industry today (every single one), Valve has the LEAST to fear going forward with an ambitious project.
Less than Blizzard. Way less than Sony. Less than NINTENDO. Even less than Microsoft (who proved to be not-so-invincible to backlash during the Xbone reveal). Because Valve practically owns PC gaming right now. HL3 could be a colossal turd akin to the average Greenlight Unity game, and they still wouldn't lose much ground due to the sheer volume of Steam attach rates.
(the closest they come to original sin is L4D2; anyone with eyes can see the damage all that outrage caused Valve...none whatsoever)
I have my own speculations as to why we won't see Half Life 3 any time soon.
But unlike the dolts in this video, I know better and will just keep them to myself.