I'd rather there not be any DRM at all.
Steam's fine and dandy and all that, but in the end, it's still yet another program that you have to install and sign into just to play your games.
For example, got a new computer, and decided to install a few games on it to see how it ran. Oh, Left 4 Dead sounds good!
Oh wait, I gotta download steam first. That's fine, it's like 50 MBs, right? Download that, sign into my Steam account.
What?
I have to download the goddamn game off of Steam's servers? On a dial up internet connection? You're fucking joking, right? What's the disc for?
Steam's got plenty of good deals, and it's not very invasive at all, but we're getting farther and farther from "Pop and Play" gaming, something I'd really love to see make it's way to PC gaming. And the bigger hassle a game is to play, the less chance I'll have of reinstalling it in the future, especially when gaming is supposed to be an "Escape" in the first place.