@coz....That is basically what is wrong with digital distribution in general. There is no way to resell your bought digital goods. (This is in party why game companies want digital distribution to succeed because it will kill the used game market.)
That being said, I applaud MS & Steam for doing this. This will allow people who buy games to not have to worry about copy-protection measures being put on the disc and installing rootkits or other malware on a users PC. This is what I've been saying all along. Of course, this won't have any effect on offline games. But if you pirate a game that is online, then you won't be able to play it online. So, in effect, it solves the problem this way.
In dealing with the term DRM. DRM = Digital Rights Management. The problem was that early solutions for DRM involved Copy-Protection (and other methods such as rootkits, etc) installed on a user's pc. This inturn gave the term DRM a stigma, so whenever a user thinks DRM, they immediately think of spyware, rootkit, etc. This is why Steam and MS are not referring to this new (old) way of server-side authentication as DRM.
I say (old) way...because this is the way DRM should always have been handled. It was like this with Starcraft back in the day. Two poeple with the same key couldn't get online at the same time. This is how I've been saying it should have always been. Finally, game companies are starting to get it when it comes to DRM. Don't screw with the users PCs by installing spyware crap DRM on their PCs.