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Owning the music isn't the same as owning rights to the music.
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I think that's what I was trying to say
From my first read of your post, I got the impression that you were saying that once you bought a CD, you could (as in were permitted rather than were physically able to) do with the contents of the CD whatever you wanted. This is not the case.
In terms of ownership, you could say that you own the file that you downloaded from iTunes - it was just that in order to do anything useful with it (listen to it), you need to have Apple's permission (authorise your computer). There is nothing Apple could do to stop you printing out a binary dump of the file and using it as wallpaper - but that's not really as much fun as listening to it. So - yes, I'd agree that DRM sucks!
I don't have a CD to look at but I am pretty sure there is a copyright paragraph somewhere on the packaging of most of them that is not all the different to an EULA (i.e. specifies not for public performance etc.).