Personally, I didn't like the public commenting feature much, but openly sharing notes and favourite passages with a group of selected individuals is crucial (see networking suggestions). Private notes and bookmarks are obviously important as well.

Not just single verses; I think that a whole chapter is a reasonable maximum. Each translation is unique, so they would understandably want to protect copyrights.

What?!?... I'm the writer of the above suggestion, and I'm glad I popped in to check it because maybe you could explain your assertion - and especially the strange certitude in which you express it - that "you can't give us the "original, timeless Bible" because you can't travel back in time to preserve it for archaeologists to find". Is it your belief that the original Bible (referring to the Old Testament here) wasn't preserved correctly? If so, what interest - religious or otherwise - do you have in studying it? And in your opinion, what time in history would be ancient enough for the "original, timeless Bible" to be found?
The New Testament, of course, is useless in Hebrew because it's a translation. It should be noted that some scholars believe the Greek NT manuscript from which all other versions were translated to be a translation itself, and therefore it should be labelled as "original" with caution.
What's the "Biblia Sacra Utriusque Testamenti", and what advantages does it include? It has to be a toweringly outstanding publication in order to justify the licensing issues, as you said, and extra payment which could be used for something else.