That's what's messed up about data, is technically the answer to your question is neither! What happens to your ownership of those downloads when your hard drive with no backup does? In that sense, a license tied to should be the safest method, but it's far from it thanks to our current practices.
But I agree with you of course, our control of our files on our hard drives indicate that we have more ownership over them.
Personally, the one thing the U.S. somewhat has right so far is we are somewhat legally allowed to format shift (within reason, stupidly but alas). Currently I can purchase any Nintendo game, decide I do not want to play it on any Nintendo console and it's within my rights to do everything short of redistribution to play that software on my PC.
Someone the other day asked if it's "pirating" to acquire a licensed title they purchased on Vudu. In my opinion, no because it's just format shifting - now, the T.O.S. may say otherwise but T.O.S. also isn't law so then it's a different issue. Vudu can say that you are only allowed to play your purchases through their website that harvests your data, which you signed when you created your account.
Still, fuck that noise. If I am purchasing something that means I expect to be able to use it no matter the surrounding circumstances. That means if my Internet is offline I can still view my content. That means if Vudu kicks the bucket I am unaffected.
Until services start giving me this option, I will continue to format shift my content. I store things for posterity and then watch on the service to support them. I want more super hero stories, so I will watch on HBO and D+. I want more IASIP, so I will watch on Hulu. But you damn better be sure I have them backed up for myself because I'm not paying $x/month to watch these forever.
Whether or not its within my rights to format shift this way I don't really care, I am only format shifting because history has shown we cannot trust media to stay online and unedited.
Example: currently made bluray/DVDs of IASIP also remove episodes. Not for me.
samus12345