Zoso blogged that unusually for him he hasn't bought anything yet in Steam's Summer sale. I noticed a similar lack of enthusiasm myself and when I asked in Twitter quite a few respondents commented that they had yet to be tempted by the bargains on offer.
From my own perspective neither the games nor the pricing has been all that tempting although I have picked up one game so far: Darksiders. Significantly none of the triple A games seem to have the sort of spectacular discounts that I remember from previous sales. In fact none of the bargains has surprised me. Everything I have seen so far has already been on sale already at some time and probably will be again so I don't feel any need to take a plunge.
Perhaps there is juicier fare to come later or perhaps we are just jaded with too many sales. On the other hand could it be that maybe the era of give away sales is drawing to a close and the time of game pricing madness is coming to an end?