I have had few problems with steam, other than constant updates, but the one thing I do dislike is the fact that you cannot transfer a game to someone else. If you buy a game that is outside your comfort zone (The Elder Scrolls) and you think it is shit, you can't pass it on to a friend so they can play it. This is a massive hole in their format. It shouldn't be difficult to transfer ownership to another steam user, they just want everyone to have to pay for it.
Pretty sure you should be able to get the license key for the game you purchased from steam, if you make a written request for it.... then you should be able to borrow a hard copy, install using the key from steam?!? Is this not an option?