No, there is no checkout needed
Sorry to insist, but I have rebuilt my computer a number of times, and reformatted the OS dozens of times.
Checkout is simply not possible when you've nuked your OS partition, and that has never kept me from logging on Steam and playing my games.
Your technical arguments on Steam appear to be a bit out of date.
And the fact that you don't INTEND to infringe is no longer - unfortunately - part of the deal. On that point, I must concede that you are right.
As for ownership of the games I have, be they under Steam or on DVD, there is a marked tendency of the entertainment industry to believe that the individual only has a license, on that point I concede that you are also right and I very much resent this direction.
However, I maintain that, of all the nuisance schemes that exist today, Steam is certainly the one that has bothered me the least and has given me the best impression that it respects MY property.
The day they throw a switch and I can no longer play any of my Steam games (like EAGames already did to me with Battlefield 2142), then I will agree that you are totally right and I never owned them.
Until that day, it seems to me that Steam is playing fair. Yes, they potentially have the ability to lock me out of my games, that I cannot deny. But the days where games could not call home to check in are long gone, and nobody can go back on that.
We have to make do with the situation now, and right now Steam and StarDock are doing it best.
In my opinion, of course.