It's a hero shooter/MOBA and IceFrog (DotA designer) is working on it. That's enough on top of the Valve factor to at least make me curious, even though I otherwise share your sentiment.
You're more venerable than me, then. I only started playing a bit after he took over, around 6.10 or so I would say. I heard of the old versions by Eul and Guinsoo, but I never actually played any of them I think.