Automatic Updates - NO! Away with that BS!
Multiple Downloads - I don't download games if I can get a hard copy, anyway... And I can download any game as often as I want otherwise.
Online Activation - Silly.
Personal Gameplay Statistics - Singleplayer game. Statistics are in-game. In MP games statistics generally hurt gameplay.
Steam Client - A client that I don't need.
Steamworks (forced registration) - Why would I register for Steam if I want to play a game?
Title Exclusivity - A very negative thing, obviously.
Generally, steam is a pest. Most of its features are irrelevant to me, but it forces itself onto other peoples computers. I'd only ever use it as a messenger, but I already have enough of those that work just as good, I do not want to download Steam.
I would buy TES V anyway, but I'd be pissed.
As someone who owns about 30 games on steam I have to say that Steam is ABSOLUTE in its amazingness. First of all, having 30 physical copies would be terrible. I would need a significant amount of space just to keep the jewel cases, not to mention all of the boxes and manuals and other things that I would have to keep track of. Second of all, WHy the hell is auto-updating bad? Unless your own of the few people running a 52k connection or something (in which case your priorities should be less about games and more about the rest of your life), automatic downloads allow for a consistent, easy way to keep games up to date, which in the case of multiplayer games where the latest update is REQUIRED is a godsend. It means I don't have to hunt down the patch that turns New Vegas into a playable, working game, I don't have to go into Chrome every time TF2 updates, I get that update as soon as it is available, I get it quickly, and I get it without the hassle. It's just there. And the only reason I wouldn't want those updates is if I was trying to use an exploit that was in the game in a previous version (Like my brother did with Oblivion, he refused to update so he could keep duplicating). And you don't really have any reason to say "I deserve to be able to use glitches that ruin the experience!"
Another issue is that while many are adopting harsher and harsher DRM measures, Steam has stayed reasonable. If you can afford a $40-60 game, you should be able to get SOME kind of internet.
And dismissing the sales that they have is [censored] ignorance. I am sorry, but it is, plain and simple. Even if you don't like the service, you can't really say its bad that you can get 20 games for the price of 2. Seriously. I spent less than $100 this holiday on steam, I got like 20 games, all of them fairly recent (some brand new), popular, big titles. And they were going for next to nothing.
And being able to download (and from reliable, fast servers) anything at anytime anywhere with internet access is great. I reformat frequently. I could reinstall each game by hand. Or, I could use Steam, and have everything download at once, automatically installing. Plus, digital purchases are pretty much forever. You can't break the bytes or scratch your account. Until Steam goes out of business (which isn't going to happen any time soon, too many people like it too much) your games are yours.
The statistics are more than what are included in the game, and they don't ruin the gameplay.
Cloud saves are great. When you save, you will always have that save. As a gamer, I know I will go through multiple computers. I won't have to worry about the [censored] I used to have to deal with, manually moving save files (which were allllllll over the place usually) from one rig to another. With Steam, its just there.
It keeps all of my games organized, it keeps me connected (I can chat, browse the web, all within the game, without worrying about how support for alt tab is with that game {a lot of games do not work well or at all with alt tab} and it does it in a much better way than X-Fire ever has).
As far as title exclusivity, I don't really know of many games that are ONLY on Steam in a way that actually gets in the way of playing those games, and there are some games that NEVER would have been released and certainly never would have made any money for the devs if it weren't for Steam and Valve. I'd say supporting the indie developers is enough to balance the issue.
I also took the liberty of removing all of the "I don't cares" and "irrelevant" points.
For me, I'm going to buy the physical copy (because you know there will be a collectors edition), but I'll play it through steam. I love Steam, and I will always be loyal to Valve.