The 24 hours doesn't bug me too much. When we sit down to watch a movie, we watch it all the way through. The thing that bothers me is the release '30 days after the DVD release'.
Ugh. When I want to rent a movie (rare), it's usually because it just came out on DVD, and I am either really stoked to see it (again, if we saw it in theaters), or I want to see if it's worth spending money on purchasing.
So most of the time, I'm not really in the mood to wait 30 days after it's available down the street at Blockbuster to pick it up.
2 viewings would have been nice too, as movies like (insert any Pixar movie) the family likes to watch more than once before it goes back (and over more than a 24 hour period).
All told, I think it's a huge step in the right direction - the price is on par with what I'd pay if I drove to the store (well, $0.50 more, but I don't have to drive to the store, and save that much in gas, and don't have to worry about there being copies available). After apple proves that it is (or is not) a valid model, I expect to see terms slowly change.
We'll see.