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In an unexpected move, Valve have recently added a new self-use system to Steam which allows users to automatically acquire full refunds for unreleased, pre-ordered titles. As shown in the image below, any unreleased titles now feature a "Refund This Item" button beneath the price details on the Steam Account page, which will remove the select game from the Steam Library before providing the user with a full refund once clicked.
The system does not appear to require any input from Valve, allowing users to activate the new refund service whenever they wish without having to contact Steam support, as previously required. All refunded money will be directly distributed back to the user's Steam Wallet, regardless of the original payment method.
While full refunds for released games still require rather tedious manual intervention from the Steam Support staff, this new pre-order refund system is definitely a step in the right direction by helping Steam to become an even more user-friendly environment.
Source: donham, Steam User Forums