This analysis is a great way to frame the discussion, but I think it is worth noting that it really depends on your user makeup by segment. As an example:
HN Reader | Very small % of population | Really good with torrents and pirated software | Higher Average Income | More likely to sleep better after not pirating
Non HN Reader | Really big % of population | Really bad with torrents and pirated software (on avg) | Lower Average Income than HN user | Less care about programmer well being
Obviously things would be easier without DRM, but some programs may (or may not) benefit from DRM for profit maximization because they derive far more revenue from the latter group. A non DRM product can easily be shared by the mainstream where a DRM product is still fairly hard to share for the mainstream.