The reason I’m against it is because it has build in DRM!(Digital Rights Management)
You have no control of the software you run through it and by it, and with its constant automatic updates you also have no idea what it's doing to your computer to supposedly 'protect' the 'good' consumer.
If you read the steam license you will notice that they have the full right to install anything without direct consent (well by agreeing you are giving them direct consent) on your computer to provide a so called 'secure environment'.
Of course you should also notice that they can in no way be held responsible for potential problems steam might cause on your computer.
Basically if they want they can, for example, install a services in windows so that forces you to validate and authenticate any application before you can install it.
Maybe they also thin your mp3's are illegal, so they could just delete them for you... how convenient, don't you think?
Their EULA is so broad and abusive that they can seriously do almost anything to your computer without a single worry.
If they installed reformatted your hard drive, well too bad, by using steam you full accepted and agreed to that 21 page EULA because you obviously read and understood it all, right?