The following plan has been released by Microsoft to give more detail about how licensing games will work on Xbox One.
From the official Xbox site:
Here are our platform policies and capabilities for game licensing – all of which will be made available when Xbox One launches later this year:
Buy the way you want—disc or digital—on the same day: You’ll be able to buy disc-based games at traditional retailers or online through Xbox Live, on day of release. Discs will continue to be a great way to install your games quickly.
Access your entire games library from any Xbox One—no discs required: After signing in and installing, you can play any of your games from any Xbox One because a digital copy of your game is stored on your console and in the cloud. So, for example, while you are logged in at your friend’s house, you can play your games.
Share access to your games with everyone inside your home: Your friends and family, your guests and acquaintances get unlimited access to all of your games. Anyone can play your games on your console–regardless of whether you are logged in or their relationship to you.
Give your family access to your entire games library anytime, anywhere: Xbox One will enable new forms of access for families. Up to ten members of your family can log in and play from your shared games library on any Xbox One. Just like today, a family member can play your copy of Forza Motorsport at a friend’s house. Only now, they will see not just Forza, but all of your shared games. You can always play your games, and any one of your family members can be playing from your shared library at a given time.
Trade-in and resell your disc-based games: Today, some gamers choose to sell their old disc-based games back for cash and credit. We designed Xbox One so game publishers can enable you to trade in your games at participating retailers. Microsoft does not charge a platform fee to retailers, publishers, or consumers for enabling transfer of these games.
Give your games to friends: Xbox One is designed so game publishers can enable you to give your disc-based games to your friends. There are no fees charged as part of these transfers. There are two requirements: you can only give them to people who have been on your friends list for at least 30 days and each game can only be given once.
In our role as a game publisher, Microsoft Studios will enable you to give your games to friends or trade in your Xbox One games at participating retailers. Third party publishers may opt in or out of supporting game resale and may set up business terms or transfer fees with retailers. Microsoft does not receive any compensation as part of this. In addition, third party publishers can enable you to give games to friends. Loaning or renting games won’t be available at launch, but we are exploring the possibilities with our partners.
As we move into this new generation of games and entertainment, from time to time, Microsoft may change its policies, terms, products and services to reflect modifications and improvements to our services, feedback from customers and our business partners or changes in our business priorities and business models or for other reasons. We may also cease to offer certain services or products for similar reasons.
In the months ahead, we will continue to listen to your feedback as we meet with our partners in the ecosystem to bring additional detail about our policies.