It's been going on for a few hours.

Personally I don't work for steam so I have no clue how many people are working on it, and how many people actually care. Besides the developers of course, but they have no power to make steam work.

Hopefully moderator's just start closing issues like this and put some notice up explaining whats going on, that would really help people.

This is a problem with steam authentication, check Dean Hall's twitter.

Buildings farther north seem to have it happen a lot less.

Mine seems to be working okay.
I have to alt+tab to use my other monitor.

I am running a 5700 ATI Radeon, it seems disabling post processing immensely improves framerate, if your video card cannot efficiently work with post processing and heavy particle effects, turning that off may work extremely well.

This is a problem Dean Hall has multiple times addressed, his statements usually go like:

I realize third person gives an unfair advantage to looking around corners, but the disadvantage to having first person is the really low awareness around you. We hope to address this eventually and make it easier to be more aware without having to use third person to give a more REALISTIC amount of awareness as you would in real life.

This isn't a bug report, don't report it.
That is why forums exist. This bug reporting part of the internet is so developers can see problems with the actual playing of the game not changes people would like to see.

Ever stop and think "Hey why is this reproducibility field here?"

Logged into a server, played about 12 hours. Now I cannot see the servers show up...