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Server based DRM is even worse than offline DRM.
At least with offline DRM - I can find some old hardware and access the books. For example - 5-10 years from now - B&N uses your credit card number as a key for the DRM - find an old copy of the B&N software, an old version of Windows 7, open your books up as long as you have the info (credit card number). Still works. Would theoretically work 30 years from now just like software on a Windows 3.1/DOS computer still works - doesn't depend on anything from the outside (except for maybe tech support for the software).
Server-based functionality relies not on you having the hardware - but on some company hosting a server that is still there.
What happens? Company goes out of business...servers cost money to run and are shut down...etc. No one keeps the servers up forever, keeps the DRM software updated forever, etc. Thus the playsforsure debacle with the DRM'd music from Microsoft.
I absolutely refuse to buy anything that relies on remote-server DRM, unless it is only a couple of dollars - like 5% or 10% or less of the original price. Even then I feel like it's a rental...because it is. Because you're "buying" something that is really a rental - until the servers aren't there any more, or the device isn't supported any more, or the software isn't supported any more...etc.
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