Huh. I'm still not sure if Microsoft cut enough out to actually change things, but I was sure Microsoft was going to eat dirt for two years after launch before backtracking. Being willing to respond before launch is promising.
I didn't have a problem with the ideas behind Microsoft's policies, but I found their application to be inexcusably draconian. Had the check-in system been once a week, with an initial two week grace period (for loaning games) I wouldn't have even blinked. Yeah, it's totally fair to expect a borrowed game to return to the owner in three weeks. I can complete the biggest RPGs in that time. But locking out borrowing games completely? Checking my papers more often than I boot my console? That's way over the line.
I'm still reserving judgement, but backtracking on anything is promising.