I think we're still working this out. There has never been a test of the shrink wrap license, at least in Australia. I walk into a store and say I want to buy a copy of a program, the clerk hands it to me and charges me. No one outside of IT has ever bought a license. Even Apple is afraid to test it in court, if they find a mod for OS X that frees it from TPM they bully any site that hosts it, threatening lawsuits. The threat from big lawyers is enough, it's how Microsoft keeps it's illegal trademarks like "Word," "Powerpoint" and "Windows." Big money wins over the little guy's rights.
In the end the answer is probably "yes you bought the program but you are going to need deep pockets to defend that purchase." The big corporations win by force what they cannot win legally. It's really an open and shut case. Walk into an Apple Store and ask to buy a copy of Leopard, the clerk hands it to you and runs your credit card - not once is the word license used or heard - case closed.