Library waiting lists for new books

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I'm not sure if your library has this, but at the public libraries in my area, you have the option of requesting books in their system - or books due to be published soon - and you're put on a waiting list, and as soon as the book is being held in your name, they'll notify you. Do you have a system like this at your library? How often do you use it, and do you find it to be efficient? The only problem that I experience is that for a lot of the newer books I try to request, I am literally the 50th or 100th or even 150th on that waiting list (and only about 10-15 copies of the books in question are in circulation). This is a little overwhelming if you ask me! I recently requested the book "The Truth About Diamonds" (Nicole Richie) and I am in the position number of 24 out of 25. Meaning 24 people are ahead of me to be able to rent out this book. I am a little astonished by this. I've looked up books that are MORE new than this one, such as Miley Cyrus's "autobiography", "Miles to Go", and that has about 300 people on the waiting list! I would almost rather pay the $20, read the book when I want, than wait on a list that takes a year for you to actually get the book in your hands. Do you agree in my thinking? What's your library's policy on requesting books, and do you ever do it?