I have a Sony PRS-505 eBook reader, and I love it. I love the e-ink, I love having all my books in one place (and it saves lots of space - don't need huge bookshelves). I like being able to backup all my books. There are many advantages to eBooks. But I did not spend $250 on the eBook reader because i somehow managed to convince myself that since eBooks cost a few dollars less than traditional bound paper books I'd save myself money in the long run. Only an idiot would convince themselves that an eBook reader is a way to save money. It's not. You can always buy USED paper books (go to Half-Price Books or another used book store) cheaper than you can buy new-release eBooks. But that doesn't mean it's not a useful device.
That being said, many copyrighted ebooks can be downloaded for free on bittorrent sites (not saying one should do this). In that case, it would save money assuming you would otherwise be purchasing the books in traditional format from Amazon or somewhere else.
But don't kid yourself, buying eBooks for $14 instead of traditional paper books for $17 is not going to offset the cost of a $250-$300 electronic device anytime in your near future. Hopefully nobody is dumb enough to use frugality as a reason to drop a few hundred bucks on an Amazon Kindle or Sony Reader. People are dumb, but that's the level of stupidity at which people probably are not going to be doing a lot of reading, let alone book-buying in the first place.
I love my Sony Reader, but it was a luxury that I paid for, and I have no illusions that it will be saving me money anytime in the near future.
