Microsoft never said anything about used games, only about installing and playing a game on a second console. Since one can play a game without the disc (after installation) the owner of the second console has to pay for it, and if it is a brand new game then at full retail price.
According to Polygon and others if a game is installed on another console, you won't be able to play it on the first console. So lending is possible, just like this gen.
It sounds complicated but it is more or less the same.







