What is SteamPipe and why should you care?
Valve has put together a FAQ that should answer your questions.
But the important part is, the mod should now work!
A number of people were getting errors or just a blank screen when booting the mod, this seems to be the cause of these problems.
The fix required edits to the gameinfo.txt, accounting for the new location of the Half-Life 2 files and the new way of distributing them.
I've replaced the files in the downloads section with the updated versions. If you've been having problems, just delete the old "station51" directory and install or copy in the new download, and it should work.
Sorry for any inconvenience!