From his blog:
Right now since Jaman is in a trial period, the rentals are free. In the future the price will be around $1.99 and if you want to keep the file on your drive to watch any time it costs $4.99.
Once you pick a film the app downloads the file in a bit torrent type method to your computer and you have a license to access it for 7 days. After the seven days are up, you can�t open the file, but can always renew the license.
Not sure if the trial thing is still in effect, and I believe it was invitation-only (which, of course, rules me out

List of films:
http://www.jaman.com/a/library/?theAction=grid_channel&channelType=2&channelID=3
Indian films as well:
http://www.jaman.com/a/library/?theAction=grid_channel&channelType=2&channelID=10
I'm kinda torn whether to give this a shot some day. I have virtually all of these (except BLACK MAGIC 2) on DVD or VCD, some picked up super-cheap and just as legit in recent months, so I guess I'd have to see what titles will be added over time. The price seems fair enough, but with the recent price reductions I've been reporting in the "Digital Scrounge" thread, I have to wonder how much use I'd get from this being someone who prefers to own. I'm also not fond of watching video on my laptop, but as Colin says in that blog, computers can be hooked up to televisions. Were I still living in my old home city, this might make more sense, as trips to Toronto were infrequent, but for those who don't have access to a Chinatown or don't prefer to order online from overseas, this might be a good deal when it's available to all (if it's not already!).
Thoughts, anyone?