OK guys, the download version does have SecuROM. It is not fully functional though. Although Ubi claims it is only for the purpose of validating the download and performs no local functions on your hard drive, Ubi is wrong. Either they have been mislead or they seek to mislead us. I can't say which.
With the downloaded SH4UBM, every time you start SH4, it scans running processes for certain blacklisted software, including harmless and legitimate software like Microsoft's Process Explorer. If it finds any of these arbitrarily selected processes running it issues a warning and refuses to run SH4.
I'm STILL looking for the "not OK" button!!!!

:rotfl:
Hilariously, if you shut down Process Explorer and start SH4UBM download version, it will run. You can then restart Process Explorer, yielding a victorious screenshot like this:
So, you gotta wonder: if SecuROM is so useless, why is it there? Well, it's there for the same reason everything else is there, somebody sold it! SecuROM is a fine product by those happy henchmen at Sony, the company who loves to hate its customers. Sony goes to the game companies, puts on a dog and pony show about how useful SecuROM is, undoubtedly giving a demonstration with how it prevents the EVIL Process Explorer, and charges the game company a fine fee. The game company is a victim as much as we are. They paid Sony to treat their customers like dirt. And of course, Sony didn't demonstrate what I demonstrate above, that SecuROM is completely useless.