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The factor I've seen make the most difference in whether someone prints things is having two monitors. People often need to compare things, so they print a copy they can reference while looking at something else. When they get two monitors, they stop doing that.
The other factor I think would make a huge difference would be pen input. Even people I know who've grown up with computers tend to print things to annotate and correct them. If a monitor could optionally be laid flat on your desk to write on, the need many people have for printouts would be drastically reduced. People also print documents to take to meetings, where they don't have access to their computers. Where I work, a large proportion of people have laptops with docking stations, and I'm starting to see many people bringing these to meetings instead of paper. Conference rooms with projectors are becoming more common, so the contents of one laptop can be shared visually with the whole group, keeping attention on the group activity rather than distracting individuals with whatever catches their eye on their own laptop. But this doesn't solve the multi-person input problem.
When tablets are thinner and lighter and inexpensive enough that everyone has them, I'd expect to see another big drop in paper usage.
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