Yeah, I don't think it's a case of the Snidely Whiplash-type evil masterminds at ActiBlizz deciding to find a way to earn money *and* massively troll their customer base. It's much more a case of someone not understanding what an always-online DRM method implies, especially in the way it's implemented.
Take Assassin's Creed II on the PC, for instance. It came with always-online DRM, but all it consists of is the need to authenticate with a remote server. Everything else is stored locally. This means pirates had no trouble whatsoever using Hamachi or Tunggle to emulate the authentication server. Once you've got that going, you're essentially playing offline.
The problem with D3 is all drops are server-side. All enemy placements are server-side. Nearly everything except for dialog, cinematics and the basic level layouts is all server-side. This cuts back on duping and hacking attempts, of course, but it also severely restricts what the customer can do.
The official blurb is Blizzard needed to make the game run in an always-online mode because of the Auction Houses. That's complete bullcrap, obviously. If the auctions mattered that much, you'd be able to log into a service that's part of the core install, but that requires an actual login. Everything else could and should, ideally, be offline.
I'm pretty sure a lot of server techs at Blizzard know this and that quite a few are secretly gunning for the attempts to create an emulated server. With their jobs on the line, though, and with Corporate pushing for control over user-friendliness, that's not about to happen anytime soon.
You also have to consider what emulated servers look like, traditionally. When that barrier was broken for World of Warcraft, a lot of people cheered. They only realized far too late that what they'd earned was an empty wasteland. To this date, I haven't found a public WoW server with anything closely resembling the vanilla experience.
I'm more or less foreseeing the same thing with D3. It'll be a long while before we can cleave through Sanctuary's demonic hordes away from Bobby Kotick's grubby hands.