After some beta testing with a group of Steam users, Valve released a Steam update that lets all Steam users share their game library with friends or family.
A few days ago Valve modified the Steam Family Options to allow users to share their Steam library with up to 10 different people through a simple process. Once both users authorize their Steam accounts and computers, users can lend their entire library to friends or family. People can participate in discussions and answers question on the Steam Family Options group.
The new update also brings some general fixes to the Steam client to address issues such as invisible display of estimated download times.
You can read the detailed additions and fixes to the Steam client here.