Brewster Kahle of the Internet Archive has announced that the University of Toronto has digitized 250,000 books.
Here's an excerpt from the announcement:
When I talked with Carole Moore, the fantastic librarian from University of Toronto, about 6 years ago, she had a vision of scanning 250,000 books from their libraries. Well, a few days ago she succeeded. (http://www.archive.org/details/university_of_toronto)
It has been a winding road to here, with financial help from Yahoo and Microsoft, from the Canadian government and from the University of Toronto—but she got there in grand style. . . .
250,000 books for free to the world from one of the great libraries in the world.