Before I start, my disclaimer: I own everything that TTG has produced and purchased via the TTG store, but am also Steam fanboy. Also, these are my personal opinions on the matter, nothing more. No intent to flame anyone in all honesty.
Guys, there are lots of things you can do when it comes to electronic distribution regardless of whether you're talking about using a DRM-enabled system like Steam, or downloading the installers directly from TTG, or from one of the other many many distributors out there (obviously some more known than others).
I see why some of you don't like Steam, and that's because when you buy a game you want to be able to hold a disc, manual, and box. Fine, go ahead and continue buying games in retail stores. I honestly hope that PC games never stop being sold by retailers or else the competition might not be able to hold the prices down.
But specifically for Steam, the reasons I like it so much started pretty simple: It was the only way to get Half Life 2 originally. I know that I was basically strong-armed into getting another program so that I can play a game I wanted. But really, it has served its purpose quite well for me.
I'm basically in the opinion that disc-less = best no matter what. I absolutely HATE having discs lying around on my desk. But what Steam does better than most online distributors is that I don't ever have to worry about deleting a game, or for games to get corrupted on my drive, or anything else really. If I need it again, I just tell Steam to install it again and it's done within either minutes or hours (depending on the size of the game).
As for buying a game on Steam and having it be revoked? Yeah, only what they deem to be "shady" will get you problems with accounts being locked. But those locks are just a security measure and it's something I hope that all distributors would do if things like that happened. Are all the customers necessarily in the wrong for it? No, but you really should watch your bank transactions a bit more closely than that if you don't know what's going on with your accounts. Your money really is YOUR responsibility. If my account got locked and I couldn't get to the games I own, I'd be pretty angry, but I would also find out how to resolve it ASAP. Somehow I doubt anyone has ever had their account permanently closed without there being a fraudulent transaction attempt.
Also, offline mode DOES work. They did have some glitches about that in the past, and believe me, the community blew up on them. This will not be a feature they will so easily get careless on in the future. I've used it on occasion, but rarely find the need.
I'd say the only people that should really have a gripe for Steam that I'd consider valid are foreign customers (I do agree with the Euros to $ problem, but that's actually a game publisher issue, not Valve... Valve does not set the prices), customers without a dedicated internet connection (or one that is too slow), and those people that simply must "hold" everything they buy. I feel the last one is a bit materialistic, but I suppose everyone has their quirks.