For me, the most important reason is portability.
I've been reading on Palm Pilots for years now. It's really nice to be able to carry a dozen (or many more) books with me at once, and not be weighed down. Plus, I've always disliked the physicality of paper books: the weight, the frailty of paper.
Most of all, though, I love the ability to search an e-book. If you've got a book that (in paper) is 800 pages, and you want to find a particular phrase, that can be a daunting task. With an e-book, it's trivial.
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