@bob
I may be missing your point too

What i would like is a place where I can get a membership regardless of where in the world I live, where I have a huge collection of books (
unlike the ebook lending libraries I found in
MobileRead wiki), and where I dont have to spend a fortune subscribing to it.
As I mentioned in my earlier post, the public libraries in many states (in US) have tie-ups with Overdrive or netlibrary. But the problem is they give membership only to "local residents" (which is understandable, because books are bought using local tax money). My local libraries have tie-up with netlibrary, but they need an internet connected computer to read it (which is useless with the ebook readers, and when I am on the go)
Fictionwise and libwise are good, but there is no concept of public contribution there, and I think that's a major reason why the books are still limited there. In an open library, it will be like you place your books on a public bookshelf, instead of one in your basement. May be it is about libwise becoming libwise II