I had been denied a refund before I opened the dispute. Then after PP notified them, suddenly they offer me Steam credit.
Regarding the time-frame, they are folks who have received refunds with many more hours played than me.
All in all, Valve should do the right thing, no questions asked.
Valve opened a can of worms, by allowing some to get money back beyond the two hours they may legally have to honour everyone else too, they should give a refund based on that but don't count on it.
Seriously though they didn't have to give refunds to anyone over two hours, I would rather they took a firm stance with their rules.
The accusation is false advertisement for the developer, that's great and all but until someone takes them to court and wins its just an accusation, Valve cant been seen as bending over backwards to customers based on accusations(even if they are true) until something happens in court, if someone wins then they would have to offer refunds no questions asked indefinitely.
By offering refunds to some no questions asked they fucked up, they went soft and now are backtracking.