Polycount can confirm today that Valve Time, in fact, does exist.
We found out in the 11th hour that Valve & Polycount will be announcing the Polycount Pack winners later this week, not today as previously planned. Robin gave me his word that we’d have them announced this week, since today isn’t possible for them for unknown reasons (they’re not wizards, lets face it. There’s only room on the blogosphere for 1 pack of Wizards, and we all know who that is.)
I do know that Valve received 1 metric ton worth of entries for them to sift through and figure out which sets will make it in to the pack. I reckon the Engineer Update ate up precious decision-making-time for the TF2 team.