Nope. The fact that it has other features does not remove the flaming brand of DRM from Steam. The fact that it is mandatory, that you HAVE to run and activate your games through it, even though there is no technical reason for doing so, is what makes it DRM. If Steam was a standalone application that you could use if you wanted to
, then I'd agree with you.
Note: I didn't say it's not DRM, but that it's significantly different from most DRM schemes - which are what Gabe criticized. Also, you missed its account-based nature as one of its differentiating features. You log in to your account to access a service, not unlike, say, these forums. It's the games-as-a-service vs. games-as-a-product thing in action.
Also, I'd still like for games-as-a-product to be around, but if having an addittional service-based channel around means games at half the price, constant free updgrades, and stronger ties to customers, then I'm for it. It's still quite a way until we get there, but hopefully we will.