"it seems to me that Apple made a legal misrepresentation. but i'm not a lawyer. just a nobody who cant make sense of the stupidity of copyright law and how it distinctly smells like an attempt to 'legally' deny my (what i thought were inaliable) rights to freedom to do whatever the f*ck i want to whatever the f*ck i own."
Only because the facts are being badly misrepresented.
You buy the movie. Which gives you the right to download it, and keep it and play it forever. As a convenience, you can download the movie again, as long as Apple sells it. But that's just a convenience. You purchased the version that you downloaded. It's yours. Look after it. Don't throw it away as this guy did.
(Now personally I think renting is much more cost effective, because I rarely watch the same movie four times, but that's a different matter).