Regional pricing is a fact of the world. People capitalising on this to save themselves a few bucks is an inevitability of the situation. Valve enforcing new rules that make doing so, via Steam, more difficult, sadly, was also inevitable. So let's all be mad at Valve right?
What people seem to be missing, about all of this, is that buying products from another country is, in fact, a breach of law. I'm not going to go quite so far as to say illegal, because international laws on this matter are tricky. But the fact is, buying a product from another country, and thus not paying tax on those goods in your country of residence, is a breach of tax codes in most countries. So, does it suck balls? Absolutely it does. Is it Valve's fault? Well, kinda'. But they're bound by law just the same way we are.
Bear that in mind.
Still sucks balls though.