Look, when I buy a game, I want to buy it, come home, install it, and play it. I shouldn't need to provide my email address. I shouldn't need to have an internet connection. I shouldn't be required to install special other software just to play or patch the game. Those things are all designed so valve can a) attempt to control piracy, b) have ultimate control over the software installed on MY computer, and c) in some cases, cut the publisher from the deal so the developer gets a bigger cut of the profit.
I don't have a problem with C. I have a problem with A and B. They're turning gaming into a service like AOL, where as soon as you connect, it gets the patches w/out your permission and you can't play till you update. Historically, tons of patches have come out for various games that break the gameplay or various features that people don't like, and historically, those people are able to reinstall and choose whatever patch level they want. You lose that with Steam.
Look, you're welcome to your opinion that it's not an inconvenience and it's not crapping on customers. I respectfully disagree with you. I have been playing games for a really long time now - I'm almost 27 years old - and this is the most obtrusive thing I've ever witnessed. I was pissed about CD keys, and encryption and other anti-piracy measures (preventing burning backups, etc.). But this is over the top and will not accomplish their main goal which is to reduce piracy. And even if it does, it's simply not worth the price.
There's absolutely no need for them to have my email address or any other personal information, including the specs of my computer. That's like Best Buy requiring me to tell them my VIN number or at least the year, make, model, engine size, options installed, trim package, etc., of my car before they will sell me a music CD!
You can be all fine and good with this, of course that's your choice. But mark my words, the entire face of computer gaming will be changed by people's acceptance of this "technology" - in 5 years every developer or at least every publisher will have their own proprietary "content delivery system" and each one will be more restrictive than the next. Nothing good can come of this.