That's pretty good. My main worry was if the monthly activations add up to the initial total or not (for example, if i burned through the initial 3 and the monthly ones didn't add up, i'd be left with the ability to activate once per month only).
Since they stack however, unless we repeatedly change hardware components every few weeks we will still have 3 activations available for most of the time.
The ability to play offline is very much appreciated, as is the ability for users to activate from a different PC if they don't have internet access for some reason on their gaming PC.
All in all, it's still DRM and i still dislike the idea of having any kind of restriction on the use of something i paid for (except the disc checks of previous years, after all most DRM gets bypassed by the pirates anyway so why make it difficult for the paying customer with complex solutions?), but it's leaps and bounds ahead of many systems we've seen over the years.
It's still a compromise, but it looks like a fair one that will have minimal to no effect on my ability to use the software, so i give it a pass