I have unfortunately discovered that that so few people I know read, and the few who do read in a very narrow range of genre's. So for me this discussion still boils down to this. Does the current system protect the reasonable property and use rights of all parties. I would say no. Does the current system deter pirates? No it can't even slow down pirates. Does it put my access to and use of my purchased product at risk, yes. Does it tend to encourage monopolisic behavior, yes. So the only real benefit is it allows each distributor to try and lock you in to buying what is basically a generic product only from them. They are not adding value only trying to limit your choices.
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