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I think the library is just one more avenue that's convenient in the digital age. I don't see it becoming the only model or even the dominant model. I am trying a few titles, and I'll let the readers decide how much they like it. For a writer, it's just another tool in the modern kit.
However, I don't see any money at all in this. With more than 50,000 books already enrolled, that's an average payout of $10 per month per book, and most of the average will be skewed to the popular bestsellers anyway.
As for auditing, good luck. Many authors have long believed publishing is full of little gopher holes where their money disappears between the bookstore cash register and their royalty checks. I don't see why digital would be any better or worse, or how there would ever be the financial effort and will to audit anyone on a massive scale. You just have to fly on faith that most people will do what they say they will do.
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