In this rather discouraging outcome, it looks like you don't own the digital products you buy from iTunes. You “license” them.

…a three judge panel of the Ninth Circuit U.S. Court of Appeals held that iTunes downloads (even the DRM-free variety) are encumbered by enough restrictions that they can't be considered sales at all.

There will be appeals, but if the number of restrictions can make something “licensed” versus “owned”, technically this ruling can apply to any digital product you buy from anywhere else, not just iTunes.

I'm not sure how I feel about “licensing” books or mp3s and so on. If they're merely licensed, I'd like to see digital product prices drop. I'm not spending $7.99 or more on a book I don't even get to own.