Rallaster

Yeah, once it's activated in the settings on both computers, it's really just that easy and it works for game updates as well.  Just download it from the server once and then it's copied across Steam Clients on the same subnet. I copied almost 2TB of games between my computers today that I hadn't installed on multiple computers because I didn't want to screw around with waiting for them to download from my slow internet.   The instructions and other restrictions are in the link I and Eigenvektor posted. 
 

The link answers most of that already
https://help.steampowered.com/en/faqs/view/46BD-6BA8-B012-CE43
 
See "How it works". As for compression:

I did a search and didn't see this posted in the forum yet, but I just noticed in the change log for the latest version of the Steam Client that it added Steam Local Network Game Transfers.  I've been testing it out for the last hour or so between my laptop and my desktop and it's saturating the network connection, which is pretty awesome considering my internet connection is single pair DSL and only averages around 15-17Mbps download speeds.  Thought I would share for anyone that hasn't seen this in the Steam Client Change Log.

I did a search and didn't see this posted in the forum yet, but I just noticed in the change log for the latest version of the Steam Client that it added Steam Local Network Game Transfers.  I've been testing it out for the last hour or so between my laptop and my desktop and it's saturating the network connection, which is pretty awesome considering my internet connection is single pair DSL and only averages around 15-17Mbps download speeds.  Thought I would share for anyone that hasn't seen this in the Steam Client Change Log.

I did a search and didn't see this posted in the forum yet, but I just noticed in the change log for the latest version of the Steam Client that it added Steam Local Network Game Transfers.  I've been testing it out for the last hour or so between my laptop and my desktop and it's saturating the network connection, which is pretty awesome considering my internet connection is single pair DSL and only averages around 15-17Mbps download speeds.  Thought I would share for anyone that hasn't seen this in the Steam Client Change Log.

Seems the "early access" CC requirement has been pulled.

Trying to watch the Channel Super Fun and I get this:
 

  Then it asks for a credit card.  
 
Vessel is supposed to be the "early access" content provider and now I have to provide a credit card for even earlier FREE access on Vessel?

That kinda felt like I was watching a video of a ferret on speed...  Wow!