The Celestial Library?

Discussed this morning on a library listserv: Mediachest, which appears to be a voluntary, online way for private individuals to create a union catalog of their book, CD and DVD holdings, and organize loans of said holdings.

A couple of weeks ago, in response to another subject, S. and Pablo commented about the possibility of private libraries. Well, what about private interlibrary-loan services?

A respondent on the library listserv brought up some questions, though:

(1) What methods are there for enforcing the return of loaned items? It seems that unscrupulous people willing to create fake accounts, or just brazen it out, could "borrow" stuff and refuse to return it or deny ever having borrowed it.

(2) What about privacy concerns, as mentioned by a previous respondent?

(3) Will the RIAA/MPAA and other monopoly-barons seek to legally squash it, claiming that it "aids and abets copyright piracy", and citing Napster as a precedent?