Library Ideas currently offers 20 thousand titles via Freading, and they expect to have that up to 50 thousand by the end of the year. The ebooks can be read via Freading's iOS and Android apps, and they can also be transferred to the Nook and other ereaders.
And like their competition, Library Ideas says that they contacted Amazon about support for the Kindle. They did not get a response.
So what do I think? TBH, I'm still waiting to see what librarians say about it. The service is only 6 months old, so it's a little early to render a verdict. But it doesn't look to me like Freading will be one of the main contenders in this market. But I also don't think Library Ideas is planning that; this feels like a supplemental service.