Update: Or does it? Microsoft's Major Nelson has come out to say that everything other Microsoft representatives are confirming/denying about used games are just possible scenarios. The only thing the company is ready to confirm 100% is that there will be a way for users to trade and resell games at retail. The original news post is as follows.
One of the biggest rumors floating around years and months before today was whether or not the new Xbox system would be able to play used games. Some suggested this would be disallowed through online or system-based linking, while others said it was a ridiculous concept that Microsoft would not pursue.
As it turns out, the answer is somewhere in the middle. Players can indeed get used copies of games, but they won't be able to simply pop the disc in and play like they are used to. In order to play games, Microsoft told Wired that "all game discs are installed to the HDD to play". In doing so, the initial player authorizes their Xbox Live account and can play the game with or without the disc from then on out.
However, once a user gives that disc to a friend, sells it back to a store, or does anything else, the next owner will have to pay a (currently unspecified) fee to install the game on their own Xbox One. Is it possible to simply play a game without installing it to circumvent the fee? Possibly, but we don't know just yet. Finally, it was also confirmed that if you sell your game, once it gets activated with another account, it will be deactivated on your own.
Is this an acceptable way to handle used games?