I honestly LOVE my kindle! However, I can't stand that I can't make scribble in it, or leave it open to a page for hours if I'm studying something. Large textbooks can't really fit in such a tiny reader, which makes it so difficult for me to love one or the other. I prefer books that teach you something, and most of those are not available for electronic reading anyway. I would really hate for bookstores, and librarys to poof out of our existence, but I don't think it is completely the eReaders fault. I do think that the majority of people do not read after high school or college. The idea of relaxation has been overthrown by games and other popular media.
Overall I don't think the eReaders are the same as holding a good ol' fashion book in your hands, and turning the pages- looking at how many pages you conquered, and without the help of an electronic dictionary.