Jeez people really don't read up on stuff before spouting off.
The £1 a day is charged for the days you use it - so use it five days a year and pay £5. If you plan on using it more than 45 days in the year then go for the £45 annual membership.
The bikes are expensive and hence they want to have some kind of credit or debit card on file to chase you down if you nick it. Presumably the casual scheme will take a deposit (though hopefully not like in Paris where it allegedly charges you €200 and doesn't pay you back for a month).
As for cyclists hitting into people, it's not like you need a licence to own a bike in the first place.
Anyway, I'm really looking forward to it going live. It means I don't need to worry with the hassle of fixing punctures or my bike getting stolen. More importantly though, it's less of a commitment. So you can cycle to work and then catch the tube to the pub on your way home. Or similar sorts of things.
The hourly rates seem quite a lot but I think the point is that this kind of scheme only really works if people just use the bikes when they're cycling and don't hog them all day. If you need to cycle more than the free thirty minutes then presumably (hopefully) you can just check it in and then out again straight away.
The main challenge is making sure there's docking stations in enough places. They seem to have installed loads around where I live but I haven't seen one around work yet. Not that I've looked mind - when I checked before the map showing their locations didn't seem to be working.