Microsoft havent quite confirmed about the 2nd hand games bit though it looks like they are going to charge a fee. So if you buy a 2nd hand game, there will be a fee on top to play on your own console.
Also you'll need internet connectivity to be able to play the console in the first place :/
"
Microsoft will let games publishers decide if you can do that or not, and it'll let them charge you for the privilege. Nor is there a requirement to connect to the Internet every 24 hours like Microsoft's machine."
This will no doubt lead back to getting your machine chipped.
They dont like piracy but this time.... they're bringing it upon themselves.
Still be interested to know exactly how much RAM they're giving you GPU wise. At a guess its going to be a 2GB card which IMO is a bit pants considering I've been running 2x3GB cards for the last 18mths and these consoles will supposedly last you for the next 7-10 years.