As far as I'm concerned the fact that vavle makes their DRM scheme so transparent is a good thing. I don't want something that I is going to bug me and make using my games more difficult or even impossible.
EDIT: I'm not saying that DRM is in itself a good thing... Obviously it doesnt do jack shit to prevent games from being stolen and in the end all it really does is hurt legitimate users. But lets face the facts here.... DRM is required by publishers... And Valves mechanism for DRM is by far the most transparent for legitimate end user experience. For those cases where DRM -must- exist because the publisher wants it that way, then steam DRM is the very best.