tl;dr You can lend games or play used games like before. The 24 hour internet check is gone, you only need internet when you set up the console for the first time.
What do you think? I had a 360 this gen and had already decided on a PS4. I don't really think this will change my mind. Not much incentive to switch back to Xbox for me especially since it's still a hundred dollars more.
BTW it looks like the mandatory Kinect is still there since they didn't mention it. I know some people had a problem with that.