So if you don't agree to the new terms of service, you lose all the games you've bought through Steam. Yes, I said "bought". Isn't that what the screen says when you go to pay for a game through Steam? (I've never used it) Or do they make it absolutely clear that you're only buying a license to use the game? I'm not talking about in the fine print of the EULA, but right on the screen where you choose to pay for games. What does it say?
I don't know about other countries, but in the US, the FTC has declared that it's false advertising to mislead a consumer into thinking one thing and then contradict that in the fine print, even if they never actually promised what was implied.
Explain to me again how Steam isn't DRM and how the saints at Valve would never, in a million years, take away all the games you paid for...