I'd disagree with this -- it's just one of the many problems, and maybe even just a symptom.  Product Activation, if it isn't stopped, will finally accomplish what even the RIAA couldn't manage to do.  The RIAA tried to criminalize used music shops.  They failed.  

Right now, you can walk into half-price books in any major city in the country and either buy or sell books, tapes, cds, dvds, and even software.

If a book publisher goes out of business, do you suddenly lose the ability to re-read a book?

When you buy a CD, do you want to be able to play it in any CD player, or have it locked to the first one you use?  Do you want to be limited to the first ten seconds of each song when you use a different CD player?

If you want to sell a DVD, do you need to fill out a form and ask the publisher permission?

Product Activation is an end-run around the rights of first sale.  It punishes people who follow the rules and shell out the money.  It may lock you out from using your legal software, and more importantly, your data.  It puts you in the position of having to trust that the companies will allow you to reinstall your software at a later date if necessary, if they are even still around to give permission.