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I'm going to cry "Bullpoo!" to this for the following reasons:
1) Hardbacks cost more to make and distribute than an e-book, and any unsold stock becomes a liability that has to get offloaded at greatly reduced prices.
2) Paperbacks cost less to make than hardbacks, but the practice of stripping a cover and discarding the rest has got to be expensive.
3) An e-book reader (especially at $250+) gives the owner MORE incentive to read books.
4) E-books cannot easily be resold, or lent to others.
5) The lower price of e-books and ease of distribution offers more opportunities for people to buy and read, which could increase the sales of e-books (and profits).
The publishing industry should look to their music counterparts and realize that new technology needs to be embraced before it completely rewrites your business model. While it is harder (and of less value) to "rip" a copy of a book (especially one that's not yet in e-book form) than a song, it doesn't mean that Amazon, B&N, and others aren't going to start figuring out a way to use their lower distribution costs to start luring away authors AND providing a way for other authors to publish easily and cheaply.
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