I feel bad for the poor, the college kids, and kids in general, because used game prices will now rise, my condolences.

The price of used games won't necessarily rise, but the amount you receive for trading in your game will fall.

What will happen outside of US, UK, Japan, and maybe a few European countries? We don't trade or resell the used games through stores, we do it here with friends or in small communities, we are screwed as usual?

They really need to grant individual users the right to transfer their licenses to other users.

Well, for one thing I hear that games are going to become cheap. Like, really, really cheap. It is kind of strange that they're not getting any cheaper now that they have to compete with used games, almost as if game makers have no intention of ever lowering their prices to attract more customers. But I'm confident that once the used games market is brought under control, they'll... uh. I forgot where I was going with this.

It's a Satoru Iwata joke.

This is one of those industries where the fans (Of course not all of them) seems to care about the companies and not of themselves.

It has always boggled my mind.

Also, for those saying "It's nice because the devs will get more money". No, they won't. The publishers will.

So essentially they tell us what our games are worth?  No thanks, I've always sold games on eBay where the open market decides the price, not some store.  GameStop has always been a rip off and will continue to be.  I can see it now, they will give u less for your used games while charging more for others who buy it.  Microsoft is forcing a middle man into the equation.  Gamers who sell their games to other gamers are going to get screwed.  We're not the problem either, when I sell a game I immediately spend the money on a new one.  I'm not damaging the industry by doing that.

The majority of the dev are publisher owned these days as for the few that aren't, the money is a function of the revenue the game makes so dev will indeed get more money..