I think it's important to have copy protection for your games, otherwise it's an too easy snatch for pirates and everyone else who can't wait to get their hands on it. However, I don't get why publishers have to deploy this internet activation and limited install bull****. That's just contraproductive.
They should better use the new Steamworks suit, which now generates independently a specific exe file for every copy. That whay, no-cd cracks become obsolete, and while we once have to activate the game on the internet, it doesn't come with malware or limited installs.