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Watches are still around. They've lost market share, particularly with young people, but there are still people who would rather cock their wrist to see the time than pull out their cell phone. It may not ever be a growth industry again, but that doesn't mean they'll die out completely.
I don't think that a basic reading device should be a $400 item, as the Kindle started out, or a feature-packed electronic whizbang device. It ought to be pretty cheap, more of a commodity than a status symbol.
Then again, when purses can go for $800 and up, the same thing could happen with ereaders. You wouldn't really get any more functionality for a thousand bucks but you'd get the Gucci name or diamonds around the edge or somesuch.
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