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The videogame model worked because, when it started, internet wasn't widespread and was way slower than it is now. So it was necessary to use some sort of digital support to hold and deliver the huge amount of data contained in a videogame.
Ebooks are very small, so downloading them is the quickest path. Even with a connection as slow as a 56k dialup the download time for an ebook is under 5 minutes.
Lately, as Bremen Cole pointed out, even the videogame industry is moving away from that model: they started with downloadable patches, then downloadable expansion packs, now even consoles (think the Wii) allow to buy online and download games directly on your machine.
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