I haven't had any trouble with DRM yet, but saying that makes DRM a non-issue is like saying a company is great without ever having dealt with their customer service. It doesn't mater if you've ordered from a company a dozen times, until you've had a problem and had to deal with their customer service, you can't really say much about them, in my opinion.
I like Steam as a program, it works pretty well for managing games. I think Valve makes great games, and they're pretty responsive to their customers (I've had them respond to my emails about the L4D2 Demo). However, I am aware that all the games in my Steam account are available to me at their whim. As much as I enjoy getting my games for cheap via sales, and have yet to have any problem with the service, I know that others have. If I have a future dispute with Newegg.com (who has thus far been good to me, even when I've had to contact customer service) and I pay for a product they refuse to deliver to me, I can dispute the charges with my credit card company. If Steam decides to not make good on my payment and I try the same thing, I could get locked out of all the games I've purchased on the service. That's a lot for a company to hold over the head of a customer. "Take what we give you, or we'll take away what you've already got." Not a problem as long as things go smoothly, but when things go wrong...