While watching some TechTV today, they mentioned Gamefly.com. Gamefly is basically Netflix for console games. Their base package is $21.95/month for 2 games out at a time. Like Netflix, they have no late fees, due dates or shipping costs.
The funny part about finding out about this is that I was just saying to one of my co-workers that it would be cool if Netflix added console games to what they rented. Would be nice to get the games that you play for a month finish and move on to another a little more cheaply than spending the $50. Well, I guess I found an alternative.