for serious reading (real book) this is what i prefer when i want to sit back and relax:
1) far from irritating neon (lcd) light, pc fan noise, karpal tunneling keyboard and mouse.
2) no need to worry about plugging wires, deteriorating battery, possible electricity outage.
3) can open the book at an instance, the same when closing it, take a nap for 5 minutes and re-open again. not having to wait another 5 minutes to boot and "de-boot"
4) jot down some additional info/diagram on the page and be there for the rest of its life.
5) multiple bookmarks that 5 (or 10) fingers is all it take to flip it within second. no scrolling problem, no need mega foot/inches monitor size.
6) we move the book closer if the text is too small, not take our head close to the monitor.
7) not worry dropping it or spilling it with water.
What about the oil used to transport the paper and the
thats off topic. people use oil for everything, not just solely for the book. and i dont go to library but still be able to read. once the book got printed and in our hand, we can go to any cave, light up some fire, and start the reading business. with computer, how about the saving the electricity business?
And I highly doubt people will just throw away the old devices when they upgrade
i got friends who upgraded their cellphone and pc every few months and re-sell their older stuffs. only them think that they are not wasting anything. they are victim to the trend... like fashion, like girls

imho, this paperless buzz only very suitable for government and private sectors who use documentation, letters, paperworks alot, which the lifetime of the paper is very short (even just for several days, and it goes to dustbin). for short document (1-5 pages), sometime i prefer reading on pc, but for hundreds of pages of book, the fatigue/concentration factor for using the pc is much more significant.
my 2 cents.