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E-readers are not useless for academics, but citations can be very annoying. Epub files have static page numbers, which means they can actually be cited effectively. Other formats would be worse, but some version of chapter and paragraph numbers might work. Some citation systems have these kind of alternatives for internet sources, so you could cite it that way.
The main reason I like the electronic format the ability to access thousands of free books (in the epub format). I study literature, so there is enough free content that I've saved more cash on my e-reader than I've spent. In another discipline, that may be harder.
If you can't find enough content now to justify an e-reader, be patient. It's only going to get better.
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