If Microsoft's DRM is truly as "good" as Valve's, then it will work itself out and people will stop complaining. Steam was almost universally reviled when it first came into being, and much of the criticism was justified, but it proved itself to be a service that provides far more benefits than obstacles. Not to mention an ass-load of monetary savings.
There's two main differences here. One is... relativity. DRM on PC is a goddamn mess, and Steam is the oasis among it all. Yeah, it restricts you, but it's downright comfortable compared to anything else on the platform. But any console-only gamer I know who tries out Steam can't fucking stand it, because they're not accustomed to jumping through hoops to play their games. Those people aren't suddenly going to be okay with it now that it's come to their platform. And it's going to give me pause too, because my main reason for owning a console is their simplicity as a device that's just supposed to PLAY A GAME, NO FUSS. But if consoles are going to start parodying the worst aspects of PC gaming... why don't I just stick with a PC?
Which is the second point, basically. What Microsoft is rolling out is pure restriction, without making a case for how it's going to improve your experience. And that's because it won't. Consoles already have the digital game library, and social hooks that Steam has. So what they're saying now is, "now we're going to give you the hassle, too!" while also upping the ante, making their restrictions actually greater than Steam's. Make no mistake, if you make a bullet list of Steam's features VS Xbone's, Steam wins hands down. Whereas you might've had an argument if you compared Steam's features to the 360's. Microsoft is moving backwards.
Also there's still Steam sales, and Valve has proven to make good on their customers, blah blah. Microsoft has both a bad track record, and a bad business case they're building here. Which is not to say they can't make this work, but they have an uphill battle here for sure.
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