Yet other on this board will call you a philistine, and that great experiences are worth paying for even if they're short. If your position is the norm, we are suddenly capping the types of games that can be made. It's worth noting that apart from online components, often AAA titles are pretty short. Uncharted wasn't a long game, but I'd say it was worth the asking price.
I am not saying short games are bad. What I mean is, if a game is short, it should be priced accordingly.
Consider this: I can choose from many different forms of entertainment everyday. I may watch TV (free, but mostly boring), go to a movie (expensive, but can be enjoyable), go to an amusement park (very expensive), or play a game. Of course, it's not easy to define "entertainment value per time" because different entertainments have different values. However, let's just compare a game to a movie. Supposed that a game provides one weeks of entertainment, 2 hours per day. That means it provides 14 hours of fine entertainment. Now, a movie is normally 2 hours, with everything provided (a game normally don't provide a console for you). So, if a game is 7 times more expensive than going to a movie, it's probably too expensive.
Some may think this is not a legit comparison, but it is. If you bought an electronics (such as a fancy toy), and it bored you after a week, is it that crazy that some customers may decide to sell it back? The same can be said for a game. If a game does not have a long lasting value, why should it be priced at US$50 or higher? Especially when other games with more play time also cost the same? In a sense, if a game can be sold back to some outlets for, say, US$20 less, then it's probably only worth US$20 in the customer's mind.
Also, the "second hand games filling the market quick" is not a good argument. If a game is really that good, why are there so many people wanting to sell them back? If it's really that good, many people may decide to keep it so that they can play it again some time later, no?
Personally, I don't see this "one time code" scheme going to work very well. If they really want to solve this "second hand market' problem, they should just go for subscription model, or (cheap) episode games.