I think that's only viable when the reason for the pay cuts can be blamed on forces outside the company (slowing economy, competition from other segments, etc.)

I think that's only viable when the reason for the pay cuts can be blamed on forces outside the company (slowing economy, competition from other segments, etc.). When it's internal, the people who aren't the problem are, rightly, pissed. With the kind of employees Valve has, I'd be surprised if they didn't lose 10% anyway, except they'd be losing their best, not the ones they actually want to go on without.