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It depends on a book's quality. There is a substantial difference between an expensive book made of nice paper (and good ink) and a cheap paper book. The readability of the former is higher than that of a 300 dpi e-ink reader, but the e-ink reader beats any cheap(er) paperback book in that regard.
As for LCD displays, they don't really work for me for book reading. I try every once in a while (iPad, 5.5" smartphone), but after a book or two the eye strain is noticeable. Not to mention the speed at which the battery drains, the distractions and the glare. If devices with LCD displays were the only way to read e-books, I'd never have migrated to them.
I love quality paper books and the experience they offer, but they clash a little with my minimalist desires and having a small apartment. I still do buy paper books, just much fewer than I used to.
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