Is there an "off-line" option?
No. The added services to the game (unlimited installs, online storage of saved games and the fact that you don’t need the game disc to play) require you to have an online connection while playing the game.
What will happen if I lose my Internet connection when I play the game?
If you lose your Internet connection the game will pause while it tries to reconnect. If the Internet Connection is unable to resume you can continue the game from where you left off or from the last saved game.
Will this system be available for every Ubisoft game?
Most upcoming Ubisoft PC games will make use of this system.
It's like they took a look at steam and decided "Hey, that's a pretty good idea - let's make it worse!"
Is anybody as cheesed off by this as I am, being a person who lives with internet that regularly fails?