Yes. It will go faster if you copy over your steamapps folder though. Otherwise you'll download the whole thing.
So basically I could cheat Steam and freely redistribute my games?
If all the computers to which you copied you steamapps folder had your account, which is not a good thing to do.
9:48 PM - Macc 1.666: So I post on GE:S after 6 months and Facility comes on Radio Nintendo9:48 PM - Macc 1.666: think it's trying to tell me something9:48 PM - Proxie: Tonight you will dream of Grant Kirkhope and VC