It shouldn't really be a surprise to anyone, but it seems that Valve is working on a next-gen game engine, titled (creatively) Source 2. Evidence - filenames, icons, references - were found in the recently-released movie editor, Source Filmmaker.
The breadcrumbs were discovered by fansite Valvetime, including this line of code:
'''Return an str with the current engine version.
If key doesn't doesn't exist, assume 'Source', otherwise invalid -- assume next-gen 'Source 2'.'''
Valvetime reports that there are references to the original Source engine in the file as well, plus mentions of a new system called Hybrid (probably "the base for which Source 2 is sitting on", the site speculates).
We don’t like to brag, but Source is considered the most flexible, comprehensive, and powerful game development environment out there. And it’s about to get even better.
With the original Source engine now more than eight years old, it makes sense that Valve should be working on a follow-up. It's a bit sloppy to leave bits of code out in the open like that - unless the company wanted it to be found, of course...
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Jimmy the Geek