The "DRM" everyone goes on about is simply *support* to allow play DRM'd media that you couldn't otherwise. It doesn't add any additional locks.
Do P2P apps work properly? Yes.
Are there unexplained phone-homes? Probably for WGA, but that's true with XP too.
Can I still play out-of-region CDs? Yes.
Do I have to fight UAC like someone with Vista? Less so, though this has nothing to do with DRM and more to do with protecting your machine.
Can I copy any standard file type on to any standard media? Yes.
Presumable Daemon tools can be reinstalled and is just removed because the extra drives it installs have drivers that don't work with the upgrade process. It seems this is the norm with most other non-standard drivers for the vista-> 7 upgrade process