That's a very deceptive description of the pricing. In particular, you can't take a 4 hour ride in Paris for $2 either. A quick glance at the pricing suggests the NY system is about 2-3 times more expensive (presumably because it isn't as heavily subsidized).
You can take a 4 hour ride in Paris for 2$.
One day ticket is 1,70 €, first 30 minutes are free, you have to pay if your trip is more than 30 minutes or you can just take another bike for free, that will reset the countdown. Not really handy but most trips are < 30 minutes.
By the way the annual fee for unlimited 30 minutes rides is only 29 €
Source : velib user here.
But that's how the NYC system is too. You get some low rate for the day and as many 30 minute rides as you want. dbreunig was quoting some ridiculously high number for a 4 hour NYC ride that only applies if you keep the same bike out the whole time.
