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I think it's been 3 years since I last bought a printed book... and only because I was convinced it wouldn't come out as an ebook at all.
Since I started reading regularly on PDAs (almost 10 years ago), and then my smartphone, I've curtailed my print buying incrementally each year. Now I'm on my second year of 0 printed books, and no interest in looking back.
I'm now transitioning to magazines, cutting back my print subscriptions one by one as I move them to Nook Color. This is even more significant than my book collection, as for years I've collected more magazines, through subscriptions, than books per year.
Reading devices work well, and will get better. I think availability of e-titles (or lack thereof), coupled with the earlier availability of titles in print form and the ease of obtaining them, are the main reasons ebook readers still find themselves buying so many print books. But if ebooks start being released at the same time as printed books, as opposed to months later or never, I expect that dynamic to change.
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