Aye, and the publisher is the idiot to blame here.
Geolocalization, and other stuff like for example no pre-sale discount (i.e. Prototype) are up to the publisher, publisher that I see as insulting me as its potential customer. Publisher, not Steam, is the one to be hated here.
Publishers impose those kind of restrictions themselves, if Steam's fine-print supports them it must be just for the sake of policy compatibility; if they didn't allow it they would be economically poor idealists... besides, being in the same arena, other publishers often put an example... like CD Projekt with it's stance against DRM.
Steam allows and promotes the delivery of added value to the games, as well as providing a solid platform for content delivery. Where else can you get those awesome weekend deals?.
Sure, its DRM after all, but a very positive one. I don't mind paying for my games there and most of us that like Steam is because we love Valve.
Steam is DRM that works for the consumer, they even warn me of other games' DRM.
I can download my games all the times I want, from my account and it works only for my account.
Fair use & fair restriction, perfect couple; the rest is up to that idiot publisher for me to help decide on pirating it's stuff or not.