E-reading is not just as good as paper reading, it is better.
By removing several small niggles about reading, e-reading has rekindled my enthusiasm about reading.
(I wonder if Amazon saw this phenomenon coming when they named the Kindle at first.)
This is the first time I've experienced real fresh desire for reading more, rather than the act of reading being a burden I had to carry to get the meessage/story.
And this is just the start, the devices (e-readers as well as small tablets) will continue to improve their screens, weight, speed, and usability.
No it isn't. Besides, audio books are the way to go if you're into abandoning paper books. With the Kindle or iPad you're still using your eyes like a sucker. I prefer paper books to electronic, but I'd rather lay back in the dark and put on an audio book and relax. Depending on who is reading it. Right now I'm listening to Stephen Fry.
I love audio books, I'd hate to tell you how much money I've spent on them (like a sucker).
If it's a very engrossing book, it's great. If it's not always equally interesting, with text reading you can vary the speed and depth with which you're reading. For instance in Moby Dick, the loooong lists of scary white things, or of species of whales, in audio I think "oh gawd, how long does this go on...". I could skip, but then you don't know what you might miss in the text.
And of course, few books are in audio in the first place, sadly.