Not as optimistic as the author
This could be a good thing, but since the historically pro content industry author has been so optimistic, I am going to play devils advocate.
The main things I see wrong with it are:
-Does not inherently mean that you will never have to buy the movie again, i.e not a lifetime purchase. So if I buy an ultraviolet DVD, it means I get to download the Blu-ray 3D version? And when Blu-ray's successor comes along? I'm sure there will be upgrade pricing in the future, but not as cheap as selling a DVD used to upgrade to a Blu-Ray.
-Kills off the used physical media market. You can't sell on a disc if the license is now locked to your ultraviolet account. This locks you into the upgrade pricing discussed in the point above. Don't think you can lend a friends movies anymore.
-You will have no choice in using this as it will become that you cannot get physical media that does not include ultraviolet and require you registering it against your account. Lots of video games do this now, by making you use an on-line system like Steam, origin, GFWL or Yuplay even if you have brought the game on physical media.
-Risk of loss of your licenses. This is me at my most paranoid, but I would not be surprised to see a situation as with Nintendo's 3DS. It has a kill switch which renders it a paper weight if Nintendo decide that you are doing something on the device they don't like. Also multiple stories of people having their videogame accounts killed if they think you are doing something untoward. So I see once this system is in place, if any ultraviolet devices detect that you are say play a wrong region or pirated disc, your ultraviolet account is shut down and all of your media purchased on there is gone. I say this is paranoid, but I feel justified in fearing this when EA are killing peoples Origin accounts and their access to their games locked to this account, for something as little as using bad language in their forums.....
-This looks like more a method for the movie industry to exert more control over their content rather than an olive branch to consumers freedoms in the use of media.
I would hope to be proved wrong on these points once the system is properly launched, but I am suspicious. I think this may well be a trojan horse by the industry to be able to better exert control over the content they are selling. So I say be wary about this new system, but generally consumers are idiots when it comes to this stuff. They are normal fool by some shiny trinkets while the industry is taking their wallets from their back pockets.