we've already had redbox rentals since september in my area. The rentals are $2 a night and they have a limited selection. You can see what they currently have on www.redbox.com/games
They usually get most of the top games. That said, it takes a few days to beat most games. If you can't beat a game in less than 1-4 days, it is a better deal to rent at Blockbuster for $8.99 for a 5-day rental.
Lately, I just wait for a bunch of games I want to play then I get 1-month of Blockbuster pass for $21.99. Lots of strategies to go about this. Gamefly sounds cool, but I don't know how easy it is to get the new releases.
Most anticipated games of 2011:
Uncharted 3,Legend of Zelda: Skyward Sword, Rocksmith
Modern Warfare 3, Super Mario 3D