I've said it before, but, really, that's what it effectively comes down to, when Penguin can tell Amazon to cut off access to ebooks that libraries have "purchased" — and Amazon can do it. One clearly no longer owns the book, one has a license to access it, which license can be revoked if there are contractual or copyright or IP issues that arise later.
I love my Kindle, but … #ddtb
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Penguin fights Amazon by cutting off libraries' access to the books they've paid for – Boing Boing

Ain’t DRM wonderful? I am for the most part not buying ebooks, and certainly not from Amazon or B&N, unless they be DRM-free. Most of the ebooks that I have are electronic copies of old favorites, so I don’t have to damage some of them (the oldest books) when i want to reread–and there are very few ebooks that I purchase that I would not re-read.
I have rediscovered the joy of books that I own but have not read in years. Ebook versions make that a lot simpler to rectify.