Steam - select "go offline" (top left corner of main menu) - allows offline play of single player games, you remain offline until you go back and log in (even if you turn off the pc)
I know, that's how I played FO:NV
Library - right click the game, select properties then the update tab and you can disable automatic updates, and again if you right click on the game and select back up game files, you can back up the entire game files... do this with each update and you'll have all the versions. (granted you'd need to have bought the game before the first patch to have the complete set.)
My collection of FO3 patches takes ~200mb. Archiving an install of each version of FO3 would takes dozens of Gb.
there's so many draw backs with hard copies compared to steam,
There's drawbacks to both ways.
(and re: music downloads vs. 78's.... that's actually a terrible example, because audiophiles are a group notorious for disliking the more "modern" formats, because they throw out audio data. The reams of articles on how terrible audio compression is on CD's and digital files could bury this forum.
)