Running Steam in Windows compatibility mode is not recommended. Please remove any Windows compatibility settings for all users under file properties for Steam.exe and restart Steam. Press ‘Cancel’ to premanently ignore this warning and continue.

I checked my properties and found out that I wasn’t running in compatibility mode and yet Windows believed I was.  I did some searching on the internet and one of the first few hits I got had the answer to this little dilemma.  The site was slow to come up for me but it had what I was looking for.  Apparently, there is a registry entry involved which causes this to happen.  I’ll quote that site in the event they disappear or just don’t load up in a timely fashion.

To fix the issue:

1. Hit start->run->regedit
2. Go to key: HKEY_CURRENT_USER\Software\Microsoft\Windows NT\CurrentVersion\AppCompatFlags\Layers
3. Look for a entry with your path to steam.exe
4. Delete that entry
5. If you dont find it there try HKEY_LOCAL_MACHINE\Software\Microsoft\Windows NT\CurrentVersion\AppCompatFlags\Layers

Hope this helps out any that encounter this particular  issue.  As always, if you poke around in your registry and don’t know what you’re doing, I take no responsibility for your breaking of things.