For you guys who think a online activation is bad your lucky you don't play Settlers 7, that needs a constant internet connection (always-online DRM system) even for single player games and if UBI servers are down you simply can't play the game. And for the first few months after release it was quite common.
For those of you who have not used or dont like Steam, well I think that will change becouse it is taking over in every way shape and form. I have been using it for about 7 years now and wouldn't want it any other way.
That said I still think there is a 50/50 chance you will see FM12 on torrent even before it hits stores...... sadly.