Well, I believe the new Xbox doesn't actually require the disc be in the console to play it. So when you loan the game to a friend, how would the console know who owns the game? Perhaps each disc would have to have it's own serial number, and if you install it on more than one device with more than one account, it would ask the original account if they were letting "account two" borrow the game. If so, that game would remain installed but be disabled. That seems like the best approach to me.
It would be quite expensive to burn unique codes onto all discs. Also, what happens the first time someone hacks this system, I put in a legally acquired disc only to be told I'm borrowing the game?