For many games the DRM that prevents copies of the disc from working doesn't come into play until the game has actually been installed, so for backup purposes a disc image for installation followed by application of a NoCD crack is often sufficient and gets the job done without having to worry about a solution that can trick the DRM into accepting a disc image every time the game is run.

I agree, if you want anything more than a backup . . . it's not worth the time.
Disks are fragile and easily damaged so making a backup is a no-brainer. However, by making the process so difficult, I believe publishers have created more pirates rather than protecting their IP. For many, their first introduction to piracy is the day they try to replace a ruined disk for a game they legally own.

Simply put, you may succeed in making a copy you can install from. But the copy protection won't recognize the disc as being legit.
I actually have a game (legally purchased) which cannot actually be installed from its discs. In order to get it working I had to make a copy of it -- allowing it to install, but obviously then had to acquire a "patch" to bypass the need for the CD.
This was a long while ago and I think I used Alcohol 120% to make an image of the near dud original CD.
As it is, I now always apply the aforementioned "patches" to any legally purchased retail game I buy (seeing as it cost a fucking fortune to import them) as a result of this experience.

My experiences have been similar although some disks do work perfectly when copied correctly.
With GOG there is little reason to make copies nowadays. Seems it will soon be a fact that the only games you actually own are the games you bought prior to the DRM craze and the games you buy from GOG.

I bought Daemon Tools Pro Advanced quite a while ago, it works fairly well. It's nice to have a pile of disc images on a single DVD instead of a stack of originals... or to store the images on my network so I don't need to dig out the discs at all.
That being said, the convenience of GOG or Steam versions far outweighs even the convenience of CD images.

Like only in your dreams. Try installing a game without internet connection.

God forbid someone not have the same opinion and values as you...
There are arguments on both sides. But honestly, it is pretty rare to NOT have a connection these days (at least, of the people who would be commenting on this :p). So let's just compare procedures:
Install from Disc (image or otherwise):
Get appropriate disc
Start install process
Enter serial number
Go get a snack/Swap discs as needed
Run all patches
Apply "patch" if needed/desired
Install from Digital Distribution like Impulse or Steam (assuming you didn't already download and archive it)
Open program/go to website
Start download/install process
Get a snack
Start game
Enter key if needed
Arguments on both sides. It is usually faster to install from disc (if you have all the patches), but there is a lot more user-input required. And you need an internet connection for DD, but that becomes a question of how hard it is for you to not unplug the ethernet cable going into your compy :p

United States of America =/= Earth.

And
Macedonia =/= Earth!
Gasp, shock, and amazement. People have different opinions because they are in different areas? :p
Seriously though, I don't think it is much of a stretch to assume that most of the people who use DD services in general don't have too many problems regarding internet access. There ARE exceptions, but I think it is safe to assume that the majority have stable connections (or "stable enough" connections).

Your point? Try installing a game without a CD drive. And to make it worse, try PLAYING that game without the CD drive. See, works both ways.

If you want to make backups of your purchased games, you should invest in Alcohol 120%. As mentioned earlier, some protections can/will look for "cloning software" like alcohol 120 installed and cause problems. Since the need to backup your media shouldn't be a frequent endeavor, you can just install/unistall as needed to work around this.
I'll go ahead and point out that even some aspects of our draconian copyright law in the USA were recently successfully challenged.

You know, I really hate to defend Gundato, but he is correct here. It may not be illegal in Macedonia to bypass copy protection (I doubt it, current international copyright law also prevents that), but it is illegal in many of the countries GOG members are from and I believe it is also illegal in GOG's home country of Poland. Here's the problem with that: every person who tries to help KavazovAngel with this problem is actually breaking the law themselves. It's called aiding and abetting. At the same time, as owner of the site, GOG is responsible for the content on their site, so our actions here open up GOG to liability they should not be responsible for. You see, just because it may not be illegal to bypass copy protection in Macedonia doesn't mean someone from another country where it is illegal can't read these forums then use the information to break the laws of their country. GOG becomes responsible for that because the information used to break the law was made available on their site.
Of course, this whole argument is quite moot, as there are the very rules of these forums which specifically state:
"Keep within the law - submitting any materials intended to commit or promote illegal acts will get you a ban."
'Nuff said.

^ If I was trying to bypass DRM I wouldn't have asked here in the first place. Just get a crack and the job's done. My discussion was about making virtual copies of the stuff you own for safety reasons (scratches and other physical damage).

Options:
1 Buy another copy.
2. Download an online version (wether legal or illegal)
3. Spent a ton of time keeping copies of various tools/utilities needed to make images that keep the copy protection working (and keep them up to date), document procedures, document versions of utilities used with what game, what version drive emulator used.
Pray that none of these utilities or emulators cause loss of functionality, BSOD's or interfere with the copy protection of the games.
1 is legal
2 is illegal if you download an illegal copy
3. is illegal if the game has DRM and your countries laws don't allow "circumventing" for backups.