ARL has released a pre-publication version of "The State of Large-Publisher Bundles in 2012."
Here's an excerpt from the announcement:
In this article, authors Karla Strieb and Julia Blixrud report on the results of a recent survey of journal licenses in ARL member libraries. The authors conclude that there are "ongoing strains in libraries' relationships with publishers and in their ability to maintain electronic journal bundles in difficult financial times." They found that journal collections have become smaller and more tailored, and that stronger licensing language is needed in the clauses that are most important to research libraries. The authors note that licenses need to allow libraries to: make new uses of the licensed content, share information with peers about licensing terms, and rest assured that licensed content will be available in the future.