Valve has announced Steam Families to replace and improve both Steam Family Sharing and Steam Family View.
For gamers who have become parents, and with children who are also gamers, Steam has allowed you to share games with your kids, even if it's not the most straightforward process. But Valve has since announced Steam Families, simplifying the process somewhat as well as removing some old limitations.
Valve says that Steam Families is replacing both Family Sharing and Family View. And one of the immediate benefits of this is that the old limitation of the former has been removed, allowing more than one person to play different games from a single library. You still can't have more than one person playing the same game from one library though.To use the company's example, you can play your copy of Portal 2 while someone else plays your copy of Half-Life.
For parental controls, Steam Families allows parents to allow or limit access to games for their children, as well as features like the store, community or friends chat. There's also playtime reports, the ability to set playtimes, as well as the ability to grand additional playtime or feature access, temporarily or permanently. You can also recover a child's account this way if they forgot their password.
Despite the announcement, Steam Families is technically still in beta, so to use these features, all family members have to select it from the Client Beta Participation menu under Steam> Interface. The feature allows for six members to be registered as a family, though Valve may change this number in the future depending on usage rates.
Valve has also prepared quite the FAQ list as part of the Steam Families announcement, which covers specific scenarios like what happens when someone playing a game in your library gets banned. You can give the list a read by hitting the link below.