The game would have opened with Gordon Freeman and Alyx Vance on the hunt for the Borealis, the Aperture research vessel that played into the plot of Episode 2. It's fascinating to see where Valve might have taken the series, and this version of Episode 3 certainly seems like it would have been a satisfying installment in terms of plot. The text changes most of the names of the people, places, and organizations involved - but Half-Life fans should be able to decipher what Laidlaw is talking about.
It's not entirely clear whether his take on Episode 3 was something he created for the studio, or just his own personal way of appeasing fans, but it certainly makes for interesting reading. Laidlaw has long since retired from Valve, but having served as a key part of the development team for both Half-Life and its sequel, it's reasonable to expect that he worked on Half-Life 3.
Now, we've been given our best indication to date as to what Valve's plans were, as writer Mark Laidlaw has posted what seems to be a plot synopsis online. For the past ten years, Half-Life fans have been left wondering where the series would have headed after the conclusion of Episode 2.