EULAs are kinda bullshit. Certain rights cannot be signed away, and EULAs are pretty hard to enforce since you have to buy the product and put the disc in before you can even read them. They're basically an attempt to change the way consumer laws work after the transaction.
Agreed, but software licensing has existed pretty much since the beginning of the industry. After all, you're not selling something physical, but instead are selling something that can exist in any format as long as there exists a target platform that can process the data. The disks that the data comes on isn't important for a license.
So, drawing out to the potential conclusion: does this mean holding a license is as much a form of ownership of a product as possession of a book, title to a vehicle, etc.?
The global entertainment industry pretty much is America. Isn't the majority of the US exports like entertainment products? And I'm sure that those wikileaks from last year said that the mysterious global wave of anti-consumer pro-entertainment industry laws were pretty much directly from US pressure?
No, but it probably wouldn't be much of a stretch to say that the US is one of top, if not the largest, entertainment exporter. Without looking at the numbers, I'd say that entertainment is one of the larger export industries of the US. However, a quick search shows it's not even in the top 10 (numbers from 2008).
Overall, I congratulate the EU courts for making this ruling. The problem will be making the software companies (all kinds) follow through with this. I can certainly see Microsoft and Steam having two sets of rules for their customers: one for the EU and another for other markets.