The think is: Steam is the only DRM that gives something in return to wash down the bitter taste, namely unlimited installs, independence from CDs, mod management, cloud saves.
If Steam would do nothing but DRM, it would be terrible. That way? It's... alright. Especially compared to the insane DRM other companies produced.
If you're fundamentally against DRM, yeah, I get your issue. If you can accept DRM as long as it's mostly seamless and unobstrusive? Steam is pretty much as good as it gets (unless you count ineffective DRM, like install CD keys, as DRM methods).
I would quite like to have an "escape clause" in case VALVe goes bust (that has nothing to do with selling out, even if GabeN is perfectly level and honest, he could be hit by a bus tomorrow and all his principles mean nothing), though.
But no DRM scheme has that at the moment, so it's either DRM or indie-only. And if I *have* to pick a DRM method (that's working for both sides), it's Steam.