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For me, the answer is "sometimes." Fortunately, some of my old favorites that I love to re-read are public domain and available from many places as free e-books (Jane Austen, Anne of Green Gables, the Oz books, etc.). I absolutely downloaded those books to keep on my Nook even though I have pbook versions of all of them (and in the case of the Oz books, nice illustrated hardcover copies). I don't plan to get rid of the pbook versions, but I like having the portability of the e-books.
There are a couple of other authors or series that I like to re-read on occasion that I would consider buying again as e-books *if* they were DRM-free, and unless I really loved the covers, I'd then consider getting rid of my pbook copies, especially for the books that are really thick/heavy. I also keep my eyes peeled for promotional free e-book copies in the series and pick them up when I find them. I like this trend that seems to be emerging of authors offering up the first book in a series as a free e-book for a limited time to promote the release of the latest book in the series.
Mostly, I've just started buying e-books instead of pbooks, although in some cases, if I read an e-book and really, really love it, I may go back and re-purchase it as a pbook in order to be able to lend it, or if it has an especially lovely cover or interior illustrations.
I'm also more inclined to replace a pbook with an e-book if my pbook copy is falling apart and no longer in print or a paperback that is likely to not hold up to repeated readings.
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