Steam Introduces New “Steam Families” Feature

Valve announced today that the old Family Sharing and Family View features of Steam will be discontinued in favor of the new Steam Families feature. This is what Valve has to say about it:

• "When you join a Steam Family, you automatically gain access to the shareable games that your family members own and they will also be able to access the shareable titles in your library. The next time you log in to Steam, this new 'family library' will appear in the left column as a subsection of your games list. You maintain ownership of your current titles and when you purchase a new game it will still show up in your collection.
  Best of all, when you are playing a game from your family library, you will create your own saved games, earn your own Steam achievements, have access to workshop files and more.
  Family Sharing enables you to play games from other family members' libraries, even if they are online playing another game. If your family library has multiple copies of a game, multiple members of the family can play that game at the same time. For a more detailed look at how Family Sharing works, see the FAQ below.
  Family Sharing is a feature that developers may opt their games out of for technical or other reasons at any time. Visit the Steam Store to see a list of games that currently support Family Sharing."

Notable restrictions are that you need to be in the same country to become a part of the Steam Family, and there are various games that have opted out of this system. There’s also a 1 year cooldown upon leaving an existing family. Additionally, if one of the account gets banned in any particular game, the owner of the game will also automatically get banned.

The feature is available in the beta branch of the client.