I think that it is doomed to failure. One of the problems with Digital Media is that the industry is attempting to lock it's use down more than traditional systems.
The entire anti-piracy situation is analogous to the Warhead vs Armour description. In the end, the Warhead (i.e. Pirate) will win.
The Music Industry need to balance the ability for consumers to use a product they have bought flexibly, whilst preventing illegal copying. I don't think that this will help in either direction.