I can’t proclaim any special significant knowledge of the legal system or whether Google’s plan to create a digital library from copyrighted material is a detriment to authors and publishers. The Writer Beware blog has a good account of one author who opted out of the now famous Google Books Search settlement and her reasons for doing so.
It’s not the display of bibliographic information, or even snippets, that I object to–it’s the possible uses the settlement empowers Google to make of my work down the road (including selling my books in electronic and POD form). If those uses were limited and clearly defined, I might not have a problem–but they aren’t, and I just can’t see allowing such a sweeping license to my work, where the implications of granting that license are so unclear.
Some more information about the Google Books settlement with the Association of American Publishers and the Authors Guild is available at The Guardian.