Haha <3 Mr. Hunt
Well lets just agree to disagree, I'm sure we could both use a lot of time discussing this, but I also have exams coming up so.. But I guess my limit just goes elsewhere than yours. I don't view Steam as intrusive DRM, I view number-of-install-limitations, SecuRom, Ubisoft have-to-be-online-all-the-time etc. as intrusive DRM. Steam just works perfectly for me in everyday life and I'm much more inclined to play my games when they're as easy as 1-2-3 to install and play than if I have to dig up some old CD, push it in, install, type CD key, patch, install nocd-crack etc. - I really don't worry about how Valve is going to treat me, because I trust them.
The easy of use, auto patching, community services, ingame chat, steam cloud, games statistics etc. is SO much more useful to me than feeling "aah I own this game physically, now I can borrow it to my friends lol". On the matter of owning/licesing, I think that the notion of "owning" it in the past was a luxury, I see no reason, feel no need and don't think it's fair from the developers point of view. I don't know the legal details, but it should however be always legal to mod any purchased games etc. as long as you don't change the software to hurt it's sales (such as cracking it and putting it out as a torrent).
Companies such as Valve to the extra distance and even help people with modding tools. Valve "gets it". That's why I trust them with my games.