This site allows authors and other rights holders of out of print (but copyright) books to submit a claim by January 5, 2010. In return they will receive $60 per full book, or $5 to $15 for partial works. In return, Google will be able to index the books and display snippets in search results, as well as up to 20% of each book in preview mode. Google will also be able to show ads on these pages and make available for sale digital versions of each book. Authors and copyright holders will receive 63 percent of all advertising and e-commerce revenues associated with their works.
So if you are paying attention and actively defending the copyright of your (out-of-print) book, Google will pay you a fee for scanning the book into their database. This will provide your (out-of-print) book with increased visibility, provide a platform for the (out-of-print) book to be sold, create a brand new advertising revenue stream and give the rights holder of the (out-of-print) book a fairly sizable cut.
It is difficult for me to see the drawbacks to someone who's book is now out of print. Not only do they receive financial compensation, but they could reach a new audience and have renewed interest in their book. My concerns are the broad interpretation of fair use Google is using. It is a change from the super narrow view of fair use *AA's have been pushing for years. Of course, there has been no court ruling on Google's interpretation because of the settlement. I think the Author's Guild and the Association of American Publishers stand to make a great deal of money alongside Google in this venture, which is why they relented and settled.
This restaurant was advertising breakfast any time. So I ordered french toast in the renaissance. - Steven Wright, comedian