No shit! You can finally check out and read library books on your iPad. This is just a fantastic development for readers everywhere. **Note to everyone reading this** I'm sure there is a sinister plot by Amazon but as far as I can tell (so far!) you don't have to spend any money to use the service. You need a library card from your local library, and an iPad running the Kindle app. Coolness.
A short video explaining the service. A text version with instructions here.
Oh... you do need a valid Amazon account to use this service as well. Maybe that's the evil empire way they auger in. I'll report back once I get the hang of it. If you have used this service please post a comment with your experience so far. Thx!