I think that it would be great if there were less in the way of fines for Reserve library books. It is $1 per hour for the first three hours and 50 cents per hour after that for each book, so the fees become astronomical if you get sidetracked and return your books a few hours late.
Barring that, I think that there should at least be very clear signs posted, not just in Reserves but by all check-out desks stating fine rates so that students know what they are getting into. I myself had no idea about the high fines before they sent me a notification of what I had to pay, and it would be nice to know in advance what the consequences are.