Is Steam stopping me from playing the games I purchased? No? Then I don't really care. Steam doesn't get in my way, and is quite convenient for installing a game on multiple computers (plus I don't have to keep track of disks). Find something worth complaining about.
Yes Steam is probably the best, most consumer-friendly DRM distribution system around, but that doesn't mean you shouldn't care at all. Unless you are happy having all your games rendered unplayable if Steam goes offline / Valve goes out of business. In the scale of a year that's unlikely, but in 10? 50? Quite apart from the legitimate short-term disadvantages, I think in 50 years we will look back on this period of time in the same way we view the lack of archiving of television in the mid-20th century, as a massive unnecessary black hole in our cultural history.
Worse, you run the risk of having all your Steam games unplayable if they accuse you of cheating. If they do that, you have no legal recourse. Also, you run the risk of having your EULA for all your games altered. Your option, should you not want the new terms, is to close your Steam account and lose access to all your purchases.
The second one is the deal breaker for me. I do not go an buy something and agree that they can take it away from me whenever they want and I can do nothing about it. That's just a really stupid deal to make. If they don't plan on doing it, then why make you agree to it? That's really scummy.