While I do turn off my reader if asked, I believe it has more to do with control and perceived danger (fears) than any real danger.
After all - in all those movies with bombs on planes, the terrorist is sitting there with a laptop (or something similar) with a big countdown timer on it (or red button he has to mouse over to)...so if nobody sees electronics out, nobody worries something nefarious is about to occur (at the most dangerous times for a plane).
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