The settlement is far from perfect. The American practice of making public policy by private lawsuit is very far from perfect. But in the absence of the settlement—even if Google had prevailed against the suits by the publishers and authors—we would not have the digitized infrastructure to support the twenty-first-century Republic of Letters. We would have indexes and snippets and no way to read online any substantial amount of any of the millions of works at stake. The settlement gives us free preview of an enormous amount of content, and the promise of easy access to the rest, thereby greatly advancing the public good.
Of course I would prefer the universal library, but I am pretty happy about the universal bookstore. After all, bookstores are fine places to read books, and then to decide whether to buy them or go to the library to read some more.