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Legally it is the same, but with physical you can at least resell/trade/lend the license (aka disc). With digital, you cannot. Also, if the license holder is having online issues, you're out of luck with digital sometimes. There are lots of people talking about not being able to access their PSN content yesterday, even to play offline.

So there is a natural feeling of "owning" the physical copy more, even if technically you don't really own the game.