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Practically, there are several problems with this.
1) FORMAT: you need all books available in the same format so that students only need one reader. This means all publishers need to support all formats or they all need to agree on one format and one DRM system.
2) SCREEN SIZE: many texts need larger screens. You need to be able to fit graphics/diagrams on the same page at the same time. It's tough to do in six inches, and large screens are much more expensive.
3) ADA: Some schools have tried ebook experiments, but they have fallen afoul of accessibility regulations.
4) COSTS: it is tough to require students to buy another piece of hardware. Especially, if it isn't a single, universal device.
All of this can be fixed, and when it is, I believe the book prices will more than payoff any upfront hardware costs. However, there is quite a lot of work to solve all of these for most players. It would require a total ecosystem approach from an Apple or Amazon, for example.
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