I'm pretty sure the chances of your key getting used are smaller than the earth being overrun with aliens from outer space, but i'm not sure about what the odds of that actually are. But the key is 16 alphanumerical characters, so 36 to the 16th, so your code is one of 7958661109946400884391936. That's a big number. My head hurts thinking about it.
That being said, I can see how this could be a little bothersome to some people, since as far as I know, you have to use the key for any multiplayer, at all, even on servers that aren't theirs. So I would guess there is something in the client, that you have to run on your computer in order to play the game, that could be considered DRM. On most sites this wouldn't matter, but that's kind of a selling point at gog.com, so most people that care probably shop here.
Personally I don't have a problem with it, I used it for a bit before registering the code, it worked fine, it was fun. I registered the code, it works fine, its fun. Played some death match. I recommend rockets. The more rockets the better. kaboom. Had to restart singleplayer though, but oh well, it's fun.
As for hackers, I am pretty sure that some people will be banned from some servers just for being good and making a few lucky shots, and I'm pretty sure there will be hackers. But the ability to ban accounts might help a bit.
Anyhow, that's my 2 cents.