The one book per device was tried by Playaway for audiobooks a number of years ago. I assumed they'd go under quickly for lack of interest but the last I heard they're still around. They never got very popular though and at best they must be a very small niche in the business.
With ebooks I don't think the same thing could work at all. The Playaway was a simple MP3 player and no screen was needed. My guess is the hardware cost was a small fraction of what a single book ereader would be. I doubt that will happen. And if it does I doubt that it has much chance of success. And if it succeeds I suspect it'll barely succeed. And if it succeeds in a big way I might be wrong.
Barry