O'Reilly is pro Google Print, but is willing to openly debate the issues involved. What he sees is a new business model for all publishers and writes:
Even if I'm wrong about the legal issue (because, after all, I'm not a lawyer), I believe that Google (along with Amazon with their Search Inside, as well as more specialized services like O'Reilly's own Safari Books Online service) are exploring new business models for publishing online. I will lay pretty strong odds that those publishers who are whining now about the illegitimacy of what Google is doing will be desperately trying to play catch up once new models become established.Food for thought, eh?
This is definitely a blog posting that is worth skimming (and reading in detail, if you have the time).