;-) hope I´ll get this right beeing not too long into the lifestyle as well, but here are my thoughts and I´m sure someone more qualified will add his two cents;-)
This all depends on the perspective. A slave, by original definition ist something (rather than someone) that can be owned.
Slavery in the lifestyle reflects aspects of "real" slavery. It reflects the distribution of power in a relationship, it reflects the dynamic. But not all of it. Nobody is really owned in the ultimate sense as to having no right at all to direct ones own life, Nobody in the lifestyle has the right to decide over life and death of his or her slave. The biggest difference is propably that beeing a slave in the community is voluntary. Nobody can enslave you against your free will.
Still the emotional side has more aspects. Not everyone who is possessive of his or her lover is into the lifestyle or wants to really own someone...
If you are owned, this is expression of your own free will, to belong to someone, to submit to someone. It shows your commitment and your affection.
If somebody owns you, he does not only express superiority and possesiveness but also expresses responsibility for you. Beeing owned sais: I value you highly, you´re woth beeing owned.
For me beeing owned gives me a feeling of closeness. Even If I´d not call myself a slave I consider myself owned. He leaves me lots of freedoms, but if he reall want´s to decide something, then the decision is his to make - my part of the commitment. His part is to care for me, to hold me close when I need it, to punish me where he sees need ....
Now I hope that makes sense to you.
Deig