Most people agree with your assessment and the eReader DRM is considered one of the best. It is tied only to a user and his/her credit card number. Not to a computer and not limited as to the number of machines.
A good use of DRM is the lending library system that is driven by Overdrive for the most part. They use mobi, adobe, and microsoft (music) which is free to checkout but time limited. The publishers have bought into it and it moves the library system into the 21st century.
Dale
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