No, it's more like saying, "You can buy this CD and listen to it as long as you're doing it on a Sony player, and one that's connected to direct current. You can't take it off direct current or use a Magnavox."
Actually, that's still not a good analogy. The best one I can think of is Xbox Live marketplace, or better yet, any modern cable company's DVR set-top box.
You can download the media to your console, but you have to play it on that device. There are some portability options (Xbox can move files to Zune, and some DVRs can move things via USB to a computer or what have you). But even in those cases, especially DVR boxes, you'll probably need to setup an account on their website and link the account to your set-top box.
"Why can't I just grab the Windows Media file from the Xbox and play it on my DVD player?" you might ask. Well, simple - you'd need to re-encode the file, and potentially remove any DRM rights Microsoft has enabled on it. Sure, it's not the best solution (I, too, would prefer a 100% unencumbered file most of the time) but the fact remains that if you are willing to deal with the "hassle" of only watching the video on your Xbox or Zune, then there really is no problem.
I do disagree with DivX's method of "requiring" an active Internet Connection. I think once you've downloaded the DivX file you should be able to watch it on a plane if you want, but right now that doesn't seem to be the case. Since the technology is still relatively new I'm sure there will be changes that'll make it less of a headache for the anti-DRM crowd, and again, we're always taking feedback and suggestions into consideration.
Just remember, "Suck it DivX!" and "Stay away from DRM!" don't make very good feedback.