From what I know (admittedly limited) the answer is likely yes.
Printed books and papers have contrast ratios of 10-40:1. That means that the paper has on the order of 50-90% reflectance, and the ink as applied to the page has 1-10% reflectance. Think of the worst aged newsprint you've ever seen vs. National Geographic's best page. That's the range of 10-40:1.
As you noted, high reflectance paper can be a pain in very bright conditions, but otherwise, high contrast is usually easier to read.
The next best reflective display in ebooks, the one in the Ectaco jetBook has a 12:1 contrast. The black is very black, so it's likely that's an overall reflectance in the light areas of 20-50% or so. The fundamental technology is such that overall reflectance can't exceed t^2*r(background)[1], and I doubt you can get much better than 60-70% under any circumstances. This display is tolerably readable under dim-ish lamp light. (Mother: "Why are you reading in the dark. Turn on some light; you'll ruin your eyes!") I can vouch for the fact that you're in no danger of discomfort, even in full sunlight.
eInk displays have 7-8:1 contrasts, with dark gray letters on a light gray background. They are reasonably legible, except by dim-ish lamp light. (Mother: same comment.) If you typically read in sensible conditions, or in full sun, you shouldn't have any problems. Some displays apparently don't sufficiently immobilize the pigments in the electrophoretic cells when they get hot, as in full sunlight. Those can dim and wash out in bright sunlight.
[1] t=transmissivity; r=reflectance; if both equal 90% you get 73% or so.
Regards,
Jack Tingle