> And what if Steam went belly-up? Would I lose everything I paid for? What if a game was removed and I lost access to it? What if the internet was slow?
Honestly? If that were to happen - just pirate it. Everything (well, almost) that's on Steam is also readily and easily available on the seven seas, if you know where to look.
Sure, that wouldn't be fair to you, but from a purely practical point of view you'd be able to access your games if Steam went belly-up, and still "own" them. (Although perhaps not legally, depending on where you live.)
I buy my games on Steam because it's convenient, to support the devs, and to support Valve's investment in Linux. But otherwise I wouldn't blink twice before pirating if I were, say, screwed over by Steam or by a game publisher.