Are art museums going to go out and replace all of their exhibits with HDPI IPS displays? No. The displays may be far more versatile but they also do not embody a work. They simply display it. A printed book both contains and embodies the contained text. That simple visceral realness of holding an artifact contributes not only to our willingness to step into the magic circle of the book but signals the beginning of a cultural ritual.
Reading is a form of magic that is wholly contained within our culture. Ebooks are yet another step in democratizing the cultural ritual and print on demand publication will provide the methodology to fully entrench these new pieces of culture within the canonic regalia. In ten years the significance of the printed word will not fade even as access becomes more and more trivial because they are canonic to the medium itself. They are inherently part of how we understand all written language in the same way that a live performance is inherently part of how we understand music (even principally electronic musicians engage in the ritual of live music).
Authors go on book tours and connect with their reader base in other ways but the single most defining ritual in the whole of literature has been the receipt of a book. As we go forward this will always be a landmark of success as well as an important if not centrally defining artifact of the medium.
Photography did not displace painting, it displaced the cultural focus on realism in painting. It displaced painting as a medium of simple depiction of the natural world and instead brought a greater implicit understanding of visual composition and other fundimntal principles of art into the every day culture. Likewise, I think that as ebooks become more and more accessible we will see /more/ veneration for the printed medium, perhaps in ways that were previously reserved only for bibliophiles.
The cultural acceptance of technology that is simultaneously legitimized as a medium for art and developed into a nearly risk free scratch pad for personal exploration has historically brought a wider and deeper appreciation. It happened once with the desktop publishing revolution and I believe as people begin to ask themselves /why/ they prefer the printed word over the ebook a deeper understanding of the artistry of the medium will develop.
I think it already has to a degree.