@Jacanuk:
Few things:
(1) I actually read through a whole bunch of my EULAs a couple of years ago, and they mostly said the same thing. Even GOG, which is hailed as the champion of DRM-free digital distribution, had basically the same clauses as Steam.
(2) Keep in mind that we're talking about intangibles here. When you buy a game at a store, you own the disc, box and manual. You don't really "own" the intangible material contained on that disc though - it's licensed to you via EULAs and whatnot. All of those that I've seen restrict your usage of that software in some way - and one of the common ways is to include a clause saying that they retain the right to revoke your access to that software.
Please note that Valve don't own most of the stuff on Steam either. They'll have distribution rights, sure, but the game publishers are typically the main rights holders here.
(3) Whether consumer laws will help anything is...uncertain. Up in the air. Local consumer laws may require Valvr to act in certain ways through the provision of their services. That might stick. But applying other consumer laws to digital goods that you only have limited rights to under contract? It's trickier, will depend heavily on local laws, and...well, who knows.
(...and no, I'm not a lawyer, this isn't legal advice. I have a law degree, sure, but I'm not actually qualified to give advice, and all of this is off-ths-cuff informed guesswork anyway!)
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