Steam (Steam.app) fails on Mac OSX: SteamStartup(0xf,0x0xbfffec4c) failed with error 1: Failed create pipe:0

[update] Valve fixed the issues for Steam.app on Mac OSX. We will keep the file mirror for Steam active, since there will be faulty updates in the future for sure. Thanks for all the nice responses and donate us some TF2 hats, if you want to thank us ;)

Just had this error after updating Steam.app on Mac OSX Lion 10.7.2, and I am not the only one: it's all over the internet - see the results on google (past 24hrs).

SteamStartup(0xf,0x0xbfffec4c) failed with error 1: Failed create pipe:0

As there were no reports on successfully solving the issues, I tried to solve it by myself.
Although, no luck yet. I will post updates to this issue, once it has been solved. In the meanwhile go Steam Support and paste the following (thanks to acidking)

[UPDATE] SOLVED! just download the mirrored older Steam.app and you are ready to go until Valve fixes this!

Dear Steam,
Ever since your update on the 23rd of Feb, and I can't play any Valve games through Steam on my Mac. I keep getting this error:
Error: SteamStartup() failed: SteamStartup (0xf, 0x0xbfffecac) failed with error 1: Failed create pipe: 0

Many are reporting the same issue on the forums. Please check it out ASAP.
Link to update in question: http://store.steampowered.com/news/7392/

Thank you.

Games affected: Team Fortress 2, Portal (2), Counter Strike.
Please post your comments and issues to this topic below.