Book Digitization Projects, Google, Copyright

U. of Michigan Librarian's New Blog Defends Institution's Deal With Google
I wonder how digital book collections will alter academic libraries? How soon before academic libraries are significantly impacted by digital book collections? Once the copyright issues are worked out, I suspect things will change quickly. But in the past copyright issues have been problematic in higher education. I'm not sure how this works, but I suspect that eventually an economic model in which publishers, libraries, and users will all benefit will be worked out.