Good point. On the other hand, DRM will come to HTML5 anyway, whatever we try. So, I think it's better to give it a spec, and have one, unified and well-known way for the DRM to operate, instead of 20 different implementations.
First of all, making a bug-ticket for something that doesn't exists yet isn't going to solve anything. Second of all, why do you oppose DRM? It's been around for years. Games, DVDs... Nobody really had troubles with it until the bad (not so user-friendly) implementations came around. But, with W3 standardizing the spec for it, we get a win-win: We can watch all our (streaming) video without Flash (which was previously used for DRM), and content providers can be sure that the content we're watching is payed for.
I can't use the sign-up-for-beta form due to an unknown error appearing again and again. I have registered an account however, and will see how great it is by tomorrow. Just watch for ProNoob13 in the issue tracker.
I'm pretty sure it's so they don't have to quote the input before they run it through through their form regex to see if it's not malicious (XSS) user input.