A new beta update is available for Steam itself. This one mostly fixes 100% CPU usage problems aswell as games reporting 0% downloaded. To access the Beta, go to File -> Settings, and on the Account tab will be a drop down. Select Steam Client Candidate, and then allow Steam to restart itself.

Changes:

• Fixed case where Steam could use 100% of a CPU if your Friend was playing a game your client did not know about
• Fixed games reporting 0% downloaded
• Fixed rare case where the client could not establish a connection
• Improved install support for games