I think of it more like a micropayment system and I like the idea. It's not like I can't continue to use readability (or Safari's built in add-on), but this sets up a system to subscribe to content with some value added. I understand your point that people might only use it for sites they use readability for, but I think it could also be used like instapaper, a way of getting your reading in one place the way you want it. You're probably right that there should be some incentive for sites that "play by the rules."

The move to all online content is actually a bit disturbing to me because, as a librarian, I see print magazines go under and leave libraries out in the cold in terms of getting the content to users. Paywalls are designed for individuals, not institutions. I hope the "one subscription" model might catch on as there's a way to include institutions in that mix.