There are problems with this approach, of course. Unique materials are no longer unique and possibly less valuable if copies exist. To some extent the presenting library is relinquishing ownership of the documents, but this may be less of a problem than it appears. If a library permits the photocopying of its documents, the cat is basically already out of the bag. In any case, what appears on the Web is a virtual document, and the original remains in the hands of the holding library.
Web publishing is a game that anyone can play.
This is to say that a library with a huge volume count is probably no better positioned on the electronic landscape than a small community college library. Indeed, one is reminded of the story that while dinosaurs went about their dinosaur business, their lunches were being eaten by small furry creatures. Some of the best sites on the Web are maintained by small colleges and individuals rather than institutions. I would assume that small size equates to fewer committees and hoops, and this is significant since speed matters very much on the Web. While many big universities seem to have their Web pages stuck at the level of brochures and electronic handouts, some smaller places seem intent on taking the Web to its limit.