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I still think it's really the continued rise of other forms of media. Reading has been declining for years with TV, Movies, Video Games, the Internet (still reading, but not so much novels, magazines etc.).
As the more interactive/visual media continue to become more popular sales of novels etc. will decline. People are working more hours, spending time on social networking sites, etc. etc. which just leaves less time for curling up with a book. It will never die, but I can't see any large scale resurgence.
And I'm as guilty as many my age (30) or younger. I do more leisure reading than most of my friends, but still only 30-60 minutes before sleeping a few nights a week as I'd rather do something social or veg out with TV/Movie/Video games after a long day at work vs. reading for a prolonged period of time. Especially since I do a lot of reading at work, being in academia.
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