From the press release: “…Google Inc. today announced that it is working with the libraries of Harvard, Stanford, the University of Michigan, and the University of Oxford as well as The New York Public Library to digitally scan books from their collections so that users worldwide can search them in Google…Today’s announcement is an expansion of the Google Print program, which assists publishers in making books and other offline information searchable online.”
Additional details about the non-exclusive digitization project, to be financed by Google, are that it will encompass scanning some 15 million titles at a cost of $10-15 per book, requiring at least 10 years for completion. WorldCat links for those titles not available in full-text will be provided. There are significant considerations associated with this effort, including preservation, copyright and e-commerce issues, so there no doubt will be more news in future.
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From University of Michigan: Google/U-M project opens the way to universal access to information