And I quote:
I'll admit, it's an inventive idea that may allow lots of people to read new works by new novelists, but man... The whole rights issue is a major sticking point with me. This is a "turnip clause"--a clause only someone who "just fell off the turnip truck" would agree to.
*Please note: TextNovel DID make great adjustments to their contract as I hoped--very few publishers are that open to suggestions from would-be writers. Yes, yes, this is like a total "about-face" of my opinion on this, but if you read Stan's comments--which follow this original post--and then check out their new contract language (also covered in my updated post) you'll understand why I've changed my tune. (Note added 7/26/08)
*Please note: The importance of reading and fully understanding the implications of a contract (ANY contract--with a publisher or an agent or a whatnot) cannot be stressed enough. If you do not understand the full potential scope of a contract, get it in front of a publishing lawyer--trust me, it'll save you lots of headaches in the future! (Note added 8/4/10 by a far wiser author)