No, because none of the multifunction devices are focusing on "being the best possible ebook reader" in addition to their multifunction purposes. Some have focused on "being a good-enough ebook reader," but smartphones & the iPad don't have good storage & sorting options for ebook libraries. (May be lacking other traits as well; I'm unclear on exactly how they work. I know I've never heard anyone talk about the 325 ebooks they keep on their phone, and the iPad is awful for ebooks from multiple sources--there is no mixed-format ebook library.)
Computers eventually totally eclipsed typewriters. (There are still typewriters. There are still *manual* typewriters. But nobody thinks they're a viable part of modern secretarial work in the US.) And digital cameras have pretty much wiped out the film-based versions. (In 1st world countries. I've got no idea what they're doing in parts of India & China.)
However, movies have not eliminated stage plays; recorded music has not destroyed live performances; television didn't end radio; cellphones haven't wiped out landlines; wireless hasn't eliminated cables; SUVs have not eliminated the market for small compact cars.
The idea of "here's a device that does everything that one does, and more" is a valid concern for replacement--but most devices that are so hyped, are lying. They don't do "everything" the single-purpose device does; they do basic functions well enough that most people would rather have multipurpose than the extra specific features.
There will always be people who prefer the limited-function but optimized device.
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