You own nothing on Steam. I know this from experience. If they disable your account for any reason, they will not reactivate it and the won't refund any purchases. They don't even have a process for it. People need to understand that games are a digital media at this point, just like music. As much as I hate to say that, they aren't going to stay physical for long.
I'm not excited for Xbox One at all. I don't want to pay for Xbox live again. I don't want to play a console that won't work if I can't connect to the internet for a single day, and I don't like the fact that I don't actually "own" the games I paid for.
If PS4 does the same stuff then off to Nintendo/Steam it is for me.