Marketing and price focus are 2 of the main reasons MM content is often just fluff in rich media environments. Good contextual MM, well thought out to aid the educational experience can greatly increase the effectiveness of a text book. If MM content is seen as a "marketing differenciator" or a "cost of doing business" and MM content is sought for publishing rather than sound pedagogic reasons, I agree with Bob - run a mile and stick to your paper texts.
Good sound MM content is likely to have to be created, adding, not reducing the cost of on online textbook in pure production terms.
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