To stay with the real world analogy: while the article is right that nothing will glue the pages of a physical book together once the credit card expires, it is also the case that purchasing a book once doesn't entitle you to go to the bookstore and demand another copy of the book because you lost your initial one.
I can see a technical reason which prevents the redownload by locked accounts. Or rather, I can imagine the additional work such a feature could require - work that obviously isn't going to be paid for by anybody (or rather paid for by customers who do have valid accounts and buy more media) - the card of the affected account is expired after all.
IMHO, if we want to demand that an electronic media purchase is a traditional sale, then we can't rurn around and demand that it also isn't and that we should have right to infinitely ask for additional copies - however cheap it might be to create them.