I think that they both have their perks. If I were going on a trip, I would prefer a paper book, since that can be used easier outside by the pool or on a plane. As for ebooks, I do LOVE my nook color! Where it really shines is nighttime - reading in bed or in the bathroom - it is awesome! I also hate how paper backs can get all bent or contorted if folded or wet, ebooks do not have to deal with this. At the same time, I would not buy EVERY book that I want in ebook form - I would keep my library split between ebook and paper book forms. Ebooks also are great if a new book (like when Dan Brown's last book came out) comes out and you do not want to deal with reserving and picking it up, or waiting for copies to come in. Also, you can get classics really really really cheap, don't pay $10 for that copy of War and Peace, you can get it for like $2 on nook lol. Long story short, they both have their places in my life!
