Valve: You Don't Own Anything on Steam

Steam now presents gamers with a new version of the Steam Subscriber Agreement, highlighting that games on Steam are not owned, but rather are licensed to users, who do not actually own anything. It's not clear that anything has changed as much as this is now a point of emphasis. Update: As noted by GameSpot the language on Steam when checking out now clearly states that you are licensing items in your shopping licensing cart (thanks jacobvandy). This is seen in this paragraph invoking the word "license" five times:
Steam and your Subscription(s) require the download and installation of Content and Services onto your computer. Valve hereby grants, and you accept, a non-exclusive license and right, to use the Content and Services for your personal, non-commercial use (except where commercial use is expressly allowed herein or in the applicable Subscription Terms). This license ends upon termination of (a) this Agreement or (b) a Subscription that includes the license. The Content and Services are licensed, not sold. Your license confers no title or ownership in the Content and Services. To make use of the Content and Services, you must have a Steam Account and you may be required to be running the Steam client and maintaining a connection to the Internet.