Ok, me and Pana have been talking about this while he was putting together that article and this is how I understand the system will work (actually the system allows more, but this is how it will mostly used for at the end of the day). It's very simple if u look at it from the user pov.
1. You buy a new game. You pay 60$ for it
2. You sell that game to Johnny and Johnny gives you the money u asked him (say, 30$)
3. Johnny goes home, puts the game into the PS3 and, if he's connected to the net, you are given some Entitlement Points that you might later spend to buy stuff online.
3b. If Johnny is not connected to the net, you get shit, but you still got those 30$ already.
3c. If the "not connected to the net" Johnny sells the game to another user connected to the net, YOU finally get those Entitlement Point. (it's just a matter of whenever or not Sony servers recive the message "Yo, remember that new game that guy bought a month ago? Well, seems like it's running on another system now. Give that guy some Entitlement Points")
4. The seller of a second hand game doesn't get Entitlment Points (or he gets less than the original buyer did), but rather the money he can make from the transaction.
Of course you can buy TWO PlayStation 3 and pop the game in each of them to get Entitlement Points without actually selling your games to anyone. Which is how Sony plan to duplicate the PS3 installed base
(obviously the 2nd system has to be linked to a different User ID. Say, your brother's PS3)
On a side note: this system may help preventing piracy.