Kindle's New Lending Program - My 2 Cents

A friend sent me this link.

In short, Amazon now allows people who buy books from them to lend their ebooks to other people.  Here are some details:

The lendee does not have to own a Kindle.  The book can be lent in another format compatible for them.

The lending period is for 14 days.  During that time, the lender cannot read this book until that period is up.  If the lendee doesn't read the book in that time, tough cookies.

The Good
The book is lendable ONCE.
People whose books are selling for $1.99 or less (at the 35% royalty rate) can Opt Out.  But you have to go in and change each book manually one at a time.

The Bad
No royalties are paid on the lend.
People whose books are receiving the 70% royalty rate cannot Opt Out of this program.
Publishers can Opt Out those books that fit the lower rate, but they have to do it manually one book at a time.  This is both time consuming and a major PITA.

I've gone back and changed the 3 books I personally have up on Amazon, but as for my books I have with other pubs...?

I'm wondering what will happen with people who have their books at the $2.99/70% royalty rate (and up).  Will they go back to change their prices to get the opt out?

It's bad enough people on eBay are selling disks full of ebooks they'd bought.  Not to mention the pirate sites.

(Thanks, Diana!)