I am one for hoping that the Kindle makes Sony come up with some (highly) competitive distribution model for their ebooks. The 6 device authorization thing is nice, but practically has some built-in hurdles (unless you like reading on a PC).
I don't think I would mind expiring content, if it were geared mainly towards short-term items in the first place (like news and blogs) and if it were priced accordingly. What would be cool if there was some sort of eLibrary thing where there is a reasonable subscription cost and a number of books you can 'check out' at one time (a la Netflix)...