Controlled digital lending seems to me like a misguided attempt to enforce the limits of dead tree books on bits.
Current copyright law may be good for (some) authors and publishers, and it may provide some incentive for writing new books, but it seems like a huge loss for humanity as a whole, who miss out on the benefit of being able to read any book via the internet, essentially for free.
It's sad that Google scanned entire university libraries, only to lock them up and only allow access to small snippets. And it's nothing less than absurd that students and faculty don't even get access to scanned books from their own library.
Though there are some real digital libraries that are less observant of copyright law. They may not be as easy to get to as the internet archive, but they're often much better in terms of access policies.