I don't think anybody likes this. But even more I think that most people simply don't care - and then get caught off-guard.

Actually I think most people would - simply because the urge to "have the coolest app" is stronger in most people than the will to withstand unfair terms.

They've hidden nothing (although I agree the way the're not doing it isn't nice). All they do is well within the terms that are free for anybody to read who is interested in doing so. If you're not interested then that's fine, but in that case you should have never subscribed to the OVI store.

No, it's not the world I want to live in if I had the choice. But unfortunately it's the world I have to live in since there is no choice. Actually I consider everything that's not on my private HDD to be lost.
My only choice is whether to use or not to use services with terms like these. I've decided for the latter.

Last time I checked they were right between my legs, but I fail to see the relevance to this topic.

I think you're mistaken because I believe you're talking about a movie on a physical medium like a DVD. If you buy a movie on a DVD from a legal point of view you don't buy "the movie". You buy a physical medium called "the DVD" plus a license to view "the movie" that's stored on it. But "the movie" (the data on the DVD) itself still belongs to the former copyright holder. For example you're not allowed to play "the movie" to a public audience because the license you bought doesn't include that right.
With your app you're in a completely different situation because you never got a physical medium that could be yours. So nobody can take it away from you. All you got is the license. And the license can be revoked at any time, as written in the terms.

Edit:
As for the permission to create one backup copy:
That only covers the legal issue. It says nothing about the technical issue of being able to create such a copy in the first place. So this is a moot point.