No! No! No! I had one and was like "christ this is stupid" and got rid of it like a week later...
I found that I am one of those book-readers that slouches like a gimp, and often holds the book in strange ways. Trying to do this with a stiff piece of technology was not so great. I found it hard to get comfortable while trying to read the books.
Libraries have books for free!
Also, I prefer being able to write in the book if it's a textbook or something. I also like to be able to not worry too much if I drop the book or spill pop on it.
paper dries, electronics do too, but they don't work right aftwards.

I use the iPad as a book reader. For me it's awesome. I am a pen and paper role-player as well and I can carry my entire collection of 8.5" x 11" books with me in a very light weight package.
Yes but can you quickly turn to relevant pages via post-it marked pages, and stuff?

It seems to me that real books are faster/more useful than electronic versions. I haven't seen a fast page turning/browsing ebook reader yet.