I believe we haven't yet adsorbed all the implications of rapid and available battery swapping. Here are some thoughts:
1) 40KWH purchasers must be giddy right now. They saved $20K, but for $60 can get an 85KWH pack to use on road trips. If Tesla really killed the 40KWH pack option because of demand, they should re-introduce it. It'll take some time for swap stations to appear, but when they do the smaller battery options will sell more.
2) Pricing a used Model S will be pretty simple, at least once the pricing for permanent swaps is announced. If I were going to sell a Model S, I'd include the cost of swapping to the battery size/condition that the new owner wanted. The new owner doesn't have to worry how well I treated the pack anymore. A used EV with a new pack will perform pretty much like new, unlike ICE cars.
3) The "Fast or Free" tagline really sticks it to the defenders of the gasoline model. Anyone who complains about the cost of battery swapping is tacitly admitting that the cost of refueling a gas car is too high.
4) The getting your old pack back on the return trip is great (and something I suggested months ago). So, if you're the kind of person that takes care of their pack, no worries - you can continue to reap the range benefits as your pack ages by taking better care of it.
5) I haven't seen anyone mention this, but Model X has the same chassis design and dimensions. My guess is that Model X packs are swappable into Model S vehicles. So, when Model X comes with a 120KWH pack, you should be able to put that into your Model S. Now, get a
real 300 mile range!
Three things remain to be seen:
A) Whether putting in larger packs increases acceleration. Yeah, an 85KWH pack won't turn your 40KWH vehicle into a perf plus, but I would expect some bump. And will the bigger Model X packs I speculate about turn your Perf Plus into a sub 4 second rocket?
B) Perf and Perf Plus owners are probably restricted to 85KWH packs - can't swap in a smaller pack (not that you'd want to).
C) Pricing of permanent swaps. This affects the whole used car market and upgrade market. Pricing too high and the advantages of swapping except for road trips disappear.
EDIT: BTW, it's interesting to watch this battery swap video from Better Place back in 2009:
Battery switch technology demo - YouTube