I dont like the digital distribution either. I like to have a collection and to know its always there. With digital distribution i cant bring the hottest new game to a friends how to play but i'd have to bring the whole system.
Im sure if say you have a PSN account, Sony knows on your record what game you've bought and will be allowed to redownload them anytime. However if you have to keep redownloading I just feel thats a waste of time, the need of internet connection, and if its a big game costing you your bandwidth cap.
If anything, digitial distribution should always go hand-in hand with a physical copy.