We (little ISP) get them for a few hours each day after school and put them to work answering phones. They get some work experience and credit under the high school's "industry as shop class" scheme.
The better ones get a job for the summer and a raise. If they show the right blend of bordom doing phone support combined with motivation to learn systems stuff we promote them and give them sysadmin projects.
Worst case they end up with some clerical work experience in a office environment. Best case they learn some combination of Sysadmin/Netadmin/Coder. Either way it beats working fast food or stocking shelves.
As for this project, I, for one, would like to learn about 3D rendering -- that's always been something that I'd admired from afar.
1. This will attract a large pool of young talent and some of them will make direct contributions and contributions through feedback and interplay of ideas.
2. This creates goodwill in the developer and education community which helps experienced industry professionals to think more highly of Valve. They will be more likely to apply or recommend applying.
3. This, as has been said, improves conditions at Valve and helps to shine light on more stultified areas of the company.
I helped out at http://studentrnd.com/ a few times. Hooooly crap. Some of those 14 year olds can code! Having two Microsoft Devs as parents is a pretty good strategy if you want to grow up and be valuable to Valve.