I’d imagine they’re handling it like Nintendo handled their limited edition consoles over the years. Make a ton, warehouse them, distribute as supply allows. Nintendo’s limited-edition consoles could sit on shelves for years, although some went faster than others.

Because the color IS the limited edition. Valve wants to gauge demand so they can see if different colors would be worth the investment in the future.

My guess is that demand drastically exceeded expectations. During the original 30 minute rush, the page on the LE did in fact say “Out of Stock”. I’m theorizing that during that 30 minute downtime they contacted the supplier and contracted another run; this would also explain the increase in delivery time for newer orders. Once the supply catches up to demand the production run will end.