Rather then add to that wall of text post I'll say my biggest problems are really the fact that borrowing from friends won't be allowed. It has lead to me buying games in the past or meant I've been able to play a few games that came out at the same time when I could only afford to buy one and vice versa for friends.
The 24 hour log in thing. I've had one or two occasions when my internet has gone down for a few days, I've know people who's connections have gone down for weeks.
Trading in will either mean less money for trade ins or higher costs on secondhand games. As neither are great as it is that means gaming is a more expensive hobby. I rarely buy secondhand games but I do sell so I can afford to buy new games. If game prices go up, as they undoubtedly will, I will be able to afford to play fewer games, combined with my first reason in this post you can see the problem.
Also 500gb isn't a lot of hard drive space when you have mandatory 20-50gb installs for games, saves which seem to be getting bigger and bigger, downloads, music/film/apps/updates etc to install too.