Quote Originally Posted by Gamereviewgod View Post
From Major Nelson:

"should you choose to play your game at your friend’s house, there is no fee to play that game while you are signed in to your profile."

So, it's possible to play elsewhere, BUT you would need your profile and active internet connection or pay a fee, i.e., no lending games.
Even with that level of access in place, there's still a precedent here on the purchase/sale/use of used physical media on home consoles requiring some system that is yet undisclosed by Microsoft.

I'm going to avoid the term "blocked" until post-E3, where, hopefully they will detail exactly how that will work.

Presently it seems that the only option is to purchase a full-retail-priced activation code to use the data on a used physical game disc.