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I think that is a reasonable summary. On those slides, it clearly said "disc based games"

Having said that, I don't see why Sony would require you to check in online for digital games? I know phones and tablets do (which is a pain), but the PS3 and Vita certainly don't and I don't see why that would change.

It would be nice if there were a trading service online, but I don't think that will happen at launch. Microsoft have vaguely talked about it, so Sony will probably want to do something similar to stay competitive as digital downloads become more important