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Ebooks will effectively replace paper books in a relatively short period of time. Publishers are reporting US revenues for ebooks will reach 20% in 2011. Revenues are also driving distribution patterns: argue about the details as you see fit, but Borders collapsed primarily because paper sales are harder to engage in profitably. Blockbuster is an example of the same consumer choice displacement.
Paperbooks will continue in some niche markets -- coffee table gift books and collector editions, for example. Most other books, expanding from the huge successes in ebook fiction, will shift to electronic delivery as the ereader platforms evolve (Nook Color showing the first hints).
Sony proved eink ereaders could be marketed en masse; Amazon demonstrated a profitable industry could be built; readers embraced eink because it is convenient and cost effective. When Kobo entered the market at $150, and Kindle and Nook quickly aligned, there was an explosion of ereader sales and the ebook "value chain" was born. Even with all the shenanigans around publisher pricing, ereader consumers are paying significantly less for their books by title in aggregate, which means the $100 to $150 device itself really does pay for itself.
Ereaders are now well enough established to prove they are not a fad or being bought as a short-term toy. No doubt some have been shoved away at the back of the drawer, and some just have not met expectations of the individual book reader ... but readers who experience eink and can obtain the content suitable for their tastes in the main won't switch back.
An important fact about consumers: value does not equal price. Sure, everyone wants a deal but issues like convenience and usage experience matter quite a lot. Ebook portability outweighs the importance of resale value, displaying books to visitors in the home, the tangibleness of having the thing itself in the hand.
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