It's a step in the right direction--we need legally transferable digital property. However, it looks like it has all the problems of server-based DRM: if the host site disappears, so does your access.
Quote:
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it imposes no restrictions on copying (except for those that arise naturally from fear of loss).
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Sounds like, "you still can't extract text to quote from the ebook for your thesis; you'll have to retype those sections."