wolfigor
Emperor
Does steam collect personal information on you? It sure does...assuming by personal information you mean what game you're playing and for how long you played it. Does it scour your hard drive for child porn, illegal movies, or *gasp* Abba mp3's? No, never has nor never will. Why do i say this?
Steam's Privacy Policy
Steam's Subscriber Agreement
Steam states in their Subscribers Agreement that they have full right to do whatever they want with all the data they collect about you (and that's a pretty large amount of data):
Pretty much they can do anything they want... even take your words, modify them, and use them for advertisement.7. USER GENERATED INFORMATION
"User Generated Information" means any information made available to other users through your use of multi-user features of Steam or to Valve through your use of the Steam Software. User Generated Information may include, but is not limited to, chat, forum posts, screen names, game selections, player performances, usage data, suggestions about Valve products or services, and error notifications. Subject to the Valve privacy policy referenced in Section 1 above, as applicable, you expressly grant Valve the complete and irrevocable right to use, reproduce, modify, create derivative works from, distribute, transmit, broadcast, and otherwise communicate, and publicly display and perform the User Generated Information and derivative works thereof in any form, anywhere, with or without attribution to you, and without any notice or compensation to you of any kind.

Because it would violate their own policies, which means if it were to happen, you could sue them
Not really...
11. INDEMNIFICATION
You agree to defend, indemnify and hold harmless Valve, its licensors and their affiliates from all liabilities, claims and expenses, including attorneys' fees, that arise from or in connection with breach of this Agreement, use of Steam or any Subscription, or any User Generated Information or Third Party Content, including, but not limited to, the creation, distribution, promotion and use of any Mods, by you or any person(s) using your Account. Valve reserves the right, at its own expense, to assume the exclusive defense and control of any matter otherwise subject to indemnification by you. In that event, you shall have no further obligation to provide indemnification to Valve in that matter. This Section regarding Indemnification shall survive termination of this Agreement.
You are effectively giving away your right to sue Steam even in case steam break their own contract with you and their own policies.
What can the user do in case of problems with Steam?
YOU ACKNOWLEDGE AND AGREE THAT YOUR SOLE AND EXCLUSIVE REMEDY FOR ANY DISPUTE WITH VALVE WITH REGARD TO STEAM OR THE STEAM SOFTWARE IS TO DISCONTINUE USE OF STEAM AND CANCEL YOUR ACCOUNT.
Well... according to the agreement the user can only cancel the account (10.A) and do not expect any refund (13.B and 13.C)