Seems fairly likely
Another reason that paper books will continue outsell ebooks is that many paper books are vanity purchases, or gifts. Neither of these is likely to transition to ebooks soon.
Too many people buy the latest political memoir, only to leave it sitting on their shelves unread. This drives a huge sector of the publishing industry, and I don't see how ebooks can serve this sector.
And there's just not nearly as much satisfaction in giving someone an electronic book (and not many sellers even make it easy). fictionwise allows you to buy a specific title for someone, but it's not quite the same as giving a nice wrapped up hardback.