Figure out a way for someone to make money off of it and it will be done. But if it's something free like the library, it aint going to happen until us gamers become old, rich, and retired... or dead.
It's not like the industry is still new, being pushed along by passion. It's a money making industry now so we can expect the usual rape we see with movies; worse actually - It's not like Sony DVD players only play Sony Pictures DVDs.
The Publishers, Platform Developers, and Retailers are still looking for the best ways to rip us off. After they've perfected it, then they might throw us a bone.
After all why would Nintendo, Sony, or MS want these titles available someplace else when they can make you buy it from their own online network at a premium price. Too many people buy 80s NES games (or 90s PS1 games) off the virtual console (or PSN) for them to shoot that foot.
Currently, the only way something like this could work is as something illegal or as a mere database like IMDB. Still, the latter would be pretty cool if it was complete.