Put me down in the camp that says release at one time for the whole world I don't really care what that time is (ok actually I do but i'd get over it), so long as it's 99% consistent. It's the simplest, and probably the easiest to manage config\distribution wise for Valve, and doesn't favor one hour of the day over others. That said it's not the most effective use of bandwidth, nor the most elegant, but I prefer the KISS method when possible.
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