I think the Espresso Book Machine is the closest to that right now.
I don't think you get many options for covers (paper only?) and I don't think you can change font/print sizes (uses a PDF not a reflowable format) and can only use the default layout but it does print the book right in front of you and bind it for you.
Website:
http://www.ondemandbooks.com/
Brochure:
http://ondemandbooks.com/images/D95_...ure_020112.pdf
There isn't one close enough for me to go exploring, not that I really care since I use ebooks exclusively for my "for fun" reading.