Update: First day glitches.
Imagine: a huge city, 6,000 bicycles to rent for an hour or a day, and 400 places that you can find or drop-off a bicycle. For a mere $70 a year you can make use of the bicycles any time you want.

The city is London, and the new program is supported by the mayor of London (are you listening, Dave Romero?), and is designed to improve on the Paris program that suffered a lot of bicycle thefts. The thefts are avoided because if you don’t return the bike to a secure locking station they bill your credit card for the equivalent of $500.
UPDATE: Here’s a fuller description of how the program will work, and some potential drawbacks.
Sounds like a great innovation on a great idea.