I have a nice story, too.

Just the other day my Macbook died; "green light of death", i.e. it's not charging and not turning on anymore (presumably the battery is dead).

On the harddrive of said Macbook I have ~$300 worth of purchased iTunes movies that I cannot access anymore. I had never bothered to back them up because I was under the naive assumption I could just re-download them when needed. A service that I took for granted not only because I do it with their apps and music all the time, but also because most of their movies were more expensive than the equivalent DVD.

Well, needless to say, apple does not allow to re-download purchased movies.

I may still be able to recover that harddrive. But I'm most certainly not buying movies from apple anymore.