Snowy_River said:
Yes, but they face this kind of problem today with DVDs.
Do they? I know of no legitimate commercial DVD replication software or service which will work on CSS disks. Generally speaking, consumer-level burners will refuse to burn a disk with CSS on it, which means at some point between the original disk and the copy you have to break CSS. Which, in turn, violates DMCA. Which means, an individual might be able to get by with doing it on a small scale, and companies based outside of DMCA-controlled nations might be able to sell or distribute such software, but you don't see the likes of Apple doing that.
On the other hand, the RIAA does indeed deal with this issue, as there are legion of CD ripping applications as well as burning applications. If you haven't noticed, the RIAA doesn't much like the used-CD market, and has turned to telling people that ripping a CD is copyright violation.
They faced it with VHS tapes.
True, sort of. Dubbing the VHS tape, though, would degrade both the copy (2nd generation wasn't too terribly bad, but noticeable) and the source (after 2-3 runs through a machine, the factory-made VHS tape would start showing wear, making further 2nd-gen copies even worse. I know this because I worked on dubbing large amounts of school videos for distribution amongst participants. Without truly professional-level equipment there's not much of a window of opportunity there.
This is a small scale problem and depends, primarily, on how many people you know. Because the kind of mailing list you described would be illegal, and easily trackable, not many people would want to participate in such a thing. Whereas the friend-to-friend sharing would be more realistic. But, as I said, it would be a small scale problem.
Mailing list illegal? Hmm. How many people sell used DVDs on EBay? No reason to be selling the disk to the next person in line for less than fair market value. The "trick" here, if there is one, is that you've already arranged your "buyer" prior to purchasing the DVD from your "seller".
Now, dubbing the disk down to hard drive: yes, that's illegal, primarily because it involves breaking CSS and the DMCA makes that specifically illegal. However, the "what-if" scenario here presupposes that there is a way to legally and easily copy the disk locally (I don't expect Apple to get involved in anything illicit) has been agreed upon or constructed.
Finally,
keeping the "backup" copy while selling the original would definitely seem in violation of the spirit of copyright law and "fair use" (which may or may not serve as a legal foundation for such a mechanism). That's where you would get into trouble, perhaps, potentially. Note that this has not stopped a huge number of kids I know from buying CDs in the 'used' bin and selling them back after having ripped their contents to their hard drives, and that even costs them money per disc (the used CD store sells for a few bucks more than it buys, naturally).
So, although I am not a lawyer by any means, it seems like the ramification to legalizing copying down from the physical media to a second media, even if that second media is DRM-tied to a specific machine or person, would be legalization of this type of used-movie market.