From my own personal experience (I used to purchase about 30% to 50% of my books in first release hardcover) I purchased them for the following reasons:
1) I liked the author and I'd been waiting for the next book for years and didn't want to wait another year for the paper back (ex: George R.R. Martin)
2) It was a book that I thought I would want to read more then once.
3) It was an author that other people I know enjoy and I was likely to loan it to them
4) The paperback was released and they were selling the hardcovers cheaper then paperback to clear out inventory
Other people I know would buy them read them right away and sell them second hand.
For me personally they've lost the hardcover sale regardless. They can charge a premium price for a new release and I'll probably pay it but I'll never pay the same or more then the paper release.
I believe that people that are buying electronic readers today are buying them because they understand the delivery mechanism is cheaper and it's easier to buy. They expect to share in the cost savings. They are also probably some of the publishers best customers because they love reading enough to shell out $350 for a dedicated reading device. These aren't the people they want to piss off through what can only be viewed as price gouging. There are already publishers that understand ebooks and there will be more.
I understand publishers wanting to experiment with different pricing models but I expect them to think it through end to end not only from their view but also from the view of their customer. It's not something to agonize over it's a business decision.
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