If I was considering such a service then this sounds fine. Easy access to books in a non-Kindle (hence non-proprietry) format that will work happily on all my tablets and eInk devices (with a minor tweak)... there are other users than Kindle outside the US where Kindle is not the grindingly dominant format and there are many other choices available... and this isn't anti-Kindle as I use the app on my tablets and phone but only for free content...
And surely it's better to have a service starting to get major publishers than no service with any major publishers or no service because they're not all on board... it's a start, maybe limited but still a start...