Well the Retail version will probably feature Securom v7.xx and I know it has an activation. It contacts 2kgames server and autopatches/decrypts (probably) before you can play the game. So anyone who managed to get the PC-version form a store pre-release-date (ohio anyone...) can't activate it anyway.
Steam version will of course feature Steam "protection" and possibly 2k activation server..
http://forums.2kgames.com/forums/sho...?t=3738&page=3
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all the online authentication check does it make sure you have a legit dvd in the drive. you do not enter your key until afterwards when there is no longer a requirement for internet. I checked my timestamps after it authenticated and the only file that was edited was the exe.
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Edit:
Looks as if the Direct2Drive version will use ActiveMark with online activation.