I agree: I have no infatuation with "owning" the book (which is not really on offer anyway since you are only given restricted rights). However, if I were to sign up for a subscription to an ebook library I would want it to have a very large selection. Amazon and Sony would probably meet my needs but most smaller retailers wouldn't. If they could offer the full collection of OverDrive ebooks then that would probably be satisfactory.
The important question is whether publishers make more money off heavy readers or light readers. If it is the former then the subscription model won't work because heavy readers will be paying significantly less if the flat monthly fee covers all the books they wish to read.
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