Two problems:
1. You need to own a relatively expensive console or computer to play most of these games, defeating the purpose of a public library supposedly accessible to everyone. Furthermore, newer games require a registration code to install, putting up another barrier in addition to the fact that consoles and PCs cycle out every ten years. This can be mitigated by having a special computer/console in the library, which will be destroyed within days. Great job, taxpayers!
2. This one's more subjective. I can go through a book, film, or CD and feel that I have experienced enough to digest it. The reason that many games require more time is simply because the developers want you to keep playing. It's artificial time played out for the purposes of advertising, something that we're already seeing with Steam and Civ 5. Games with higher replay value won't give as much bang for the buck when on a two-week loan. It's a horizontal experience that repeats game mechanics as opposed to a vertical, in-depth one that doesn't take as much time. There's a hook there that isn't quite as prevalent in other media.
Libraries need to be open to plenty of media, but they also need to be, well, libraries, not just a free Blockbuster or Netflix. There's a reason older stuff is in there. We need to have content that's available to everyone, not just those who own the devices necessary to view content. Otherwise, unused newer items are just going to take up space that could be used for better things, no matter how good or artistic that item is.
