Wrong. This is not being looked at because google are a brilliant company who love everybody, this is being looked at because the deal is f'king shady.
The authors guild wants to sell monopoly rights to google. Rights which are not theirs to sell, if they even exist at all.
The exclusive right to scan and sell any orphaned book, which might very well contradict copyright laws.
The exclusive right to decide what constitutes an "out of print" work, and republish it.
There are others, those are just the two I can recall off the top of my head.
Google would be released from the legal obligation to seek permission of copyright holders first, whether the holders are members of the authors guild or not. As you can probably imagine, there's no way in hell the authors guild has the legal capacity to grant that permission for all authors (including foreign authors).
So google and the authors guild are trying to create an illegal monopoly.