I was initially skeptical but if they actually sold lossless, Blu-Ray quality rips of videos, I'd pay more than a few bucks per movie or show for that.
This would be awesome, but I just don't see it happening this way. They have to work with the copyright holders who set those kinds of terms and who have the majority of the leverage in negotiating those terms. Unfortunately, I don't see any reason this kind of deal would be made.
The business model is to force consumers to purchase and repurchase the same content over and over. Changing only the format, or distribution method, or platform of consumption. This kind of deal would undercut that business model.