Very interesting!! I don't see what's so objectionable about this arrangement other than the 24 hour mandatory log in.
This system would still prevent the ability to borrow games from friends, which is actually a bigger deal for me than the used game issue. I typically buy games new and normally don't trade them in, but borrowing games from friends has been a part of my gaming experience since the days of the Sega Master System. This generation alone I borrowed Mass Effect, Assassin's Creed, Just Cause, and Portal (The Orange Box, technically) and I enjoyed them so much that I bought them for myself and the sequels.
I went along with the restrictions on PC games because piracy was a legitimate problem on that platform, but extending them to consoles just seems like a short-sighted cash-grab.