"Images made available for download are licensed under a Creative Commons Attribution-NonCommercial 3.0 Unported License (CC BY-NC 3.0)"
So there's no reason why someone couldn't do exactly what you suggest. (Unfortunately, the images you can download seem to be much lower resolution than the ones they're hosting.)
I don't see why you couldn't exploit the analog loophole and just screenshot the "viewable" pages.
The zoom feature gives you access to image tiles. From a quick look, these are 258x258px images, named http://cudl.lib.cam.ac.uk/content/images/MS-ADD-04004-002-00...
Or something like that anyway.
It also uses something called Microsoft DeepZoom (http://cudl.lib.cam.ac.uk/content/images/MS-ADD-04004-001-00...), and is powered by a Json manifest (http://cudl.lib.cam.ac.uk/json/MS-ADD-04004.json?_dc=1323748...)
Enjoy.
Newton's written notes may have required even greater care, which one could possibly argue would constitute unique intellectual effort.
IMO copyright should not be granted on 'mechanical' reproductions no matter how much sweat is produced on how many brows.
Would Cambridge Uni really not digitise it's manuscript collection if they could not directly commercialise it?
Maybe a new 'right' is required?