In essence, you pay a flat fee per month, log on to a website, select a whole batch of DVDs, and they post the first 3 out to you. You can keep them as long as you like, then post them back in pre-paid envelopes; once they arrive at the nearest depot, they post out the next 3 on your list.
This works very well — in the form of Netflix at least. I can vouch for the coolness of this; pretty much everyone I know who has a DVD player has joined Netflix. It’s just great having 3 DVDs on-hand for whenever you feel like watching one.
Of course, it requires that the serivce have a decent selection of goods, including some good ‘classics’. From the sounds of things, Homescreen may be failing on this point.
Also, it requires a reliable postal service. But if they can do it in the US, they can certainly do it in Australia or any European country ;)
And I’d bet Ireland has a whole huge DVD-player installed base, given the oft-quoted factoid that there are more PlayStations per capita in Ireland than any other country outside of Japan.
Irish entrepreneurs — get cracking! ;)