The launch of HathiTrust was #4 on Library Journal Academic Newswire's list of Top Ten Stories for 2008. As they say:
The project is worth watching for a few reasons; notably, its collaborative model, sharing everything from funding to technology and expertise, suggests that, after years of experimentation, libraries at last understand and grasp the needs and challenges facing them in the digital future.
I'd say we've understood that for a long time, but have found successful ways of acting on that understanding.