No, you can't play your games when your internet goes down. Your offline single player games will not function without an internet connection on the Xbox One.
You don't care that without an internet connection your games won't work and that the physical discs are nothing more than a license to play the game? You do realize that the moment the Xbox One goes offline, 0 of your games will work, right? I can go play any NES, SNES, 64, PS1, PS2, Xbox, Wii, PS3/360 etc games whenever I want, because I have the games and they work offline, Xbox One games won't.
You don't "own" your games on the Xbox One and they are only available for the limited amount of time MS will allow those servers to be up. You are renting a game for $60 that can only be played so long as MS feels they want to keep that server online.
As for sharing games with friends, it means you can't rent or buy/sell used games anymore. How would you feel if you could no longer buy/trade used vehicles? Furniture? everyday objects? MS is anti-consumerist.
Very, very few people are happy with the Xbox One, in fact you are the only person I have seen that is even remotely happy with it, which is fine that's your opinion, but never thought I'd see someone who actually supports their anti-consumer nonsense.
Why should the laws be different for the entertainment industry.
Imagine buying a new car then not being able to sell it when you want a new one.
Or buying a packet of M&M's and having to share them in secret incase the food equivalent of the MPAA spotted you and tried to sue you for sharing the goods.
Also, the Xbox servers WILL go down at somepoint, its an absolute cert. Happens all the time where they have tried online only gameplay on PC titles like Simcity and Assassins Creed. You actually had people who had bought the game, downloading cracks for AC3 so they could play. A feature people who had downloaded illegally were already enjoying.