In Valve's defense, I will say that they usually ask us for more keys before any major sale. They are at least somewhat proactive on the issue.
I do agree on "if you don't have a key, don't say it's for sale", though. It would have hurt us if they'd just stopped letting people buy the game when they ran out of keys, but it doesn't sit right with me that someone could pay money while having every reason to expect that the product would be immediately available (it doesn't say "preorder" or "backorder", after all), and then not get something in return until some indefinite time in the future.
So I wish they'd handle that differently. At least more transparently. But overall I'm very happy with steam both as a customer and as a developer. Nothing's perfect, though, for sure.
Anyway, sorry for the inconvenience, hopefully Chris will be around at some point today; its too bad this happened right as we entered the weekend or we'd probably have been able to address this (in some fashion) already.