Amazon Kindle and Sony Reader Locked Up: Why Your Books Are No Longer Yours
For my "History and Future of the Book" course, I've been using a Kindle that my university library purchased on my request. Gizmodo has a good article on the digital rights associated with Kindle e-books.
In the fine print that you "agree" to, Amazon and Sony say you just get a license to the e-books--you're not paying to own 'em, in spite of the use of the term "buy." Digital retailers say that the first sale doctrine--which would let you hawk your old Harry Potter hardcovers on eBay--no longer applies. Your license to read the book is unlimited, though--so even if Amazon or Sony changed technologies, dropped the biz or just got mad at you, they legally couldn't take away your purchases. Still, it's a license you can't sell.
But is this claim legal? Our Columbia friends suggest that just because Sony or Amazon call it a license, that doesn't make it so. "That's a factual question determined by courts," say our legal brainiacs. "Even if a publisher calls it a license, if the transaction actually looks more like a sale, users will retain their right to resell the copy." Score one for the home team.

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