Worries / concerns about the eLicenser (or iLok) are unfounded from my experience. They work, they are not a burden. They allow you to use software that is protected by them.
I have both of those official dongles, and I have a Waves USB flash drive (a dongle based on any flash drive). So I have three dongles hanging off my laptop. They are bling.
And I have access to a stupendous amount of great software capability. Going dongle less would be very constricting.
The eLicenser dongle applies not only to Cubase but to some other fantastic effects and applications.
P.S. Obviously with three dongles I'm using a USB mini hub that takes just one USB port. The three dongles attach to the mini hub.