I wasn't able to attend Ticknor Society president Chris Morgan's talk at the joint Ticknor Society/Grolier Club dinner this weekend, but thankfully he's put the text of the talk online here. Chris' talk, "Is the Physical Book in Danger?" discusses the coming of the e-book and draws much on the discussions begun at the "Why Books?" conference (my recap here). I think it offers some very good analogies and quotes, and hits the right notes (of course I happen to agree with Chris that there's no particular danger of physical books "disappearing" - with certain exceptions - but that they'll coexist alongside e-books for the forseeable future).
Chris also offers lists of pros and cons for both physical books and e-books, and I do have to note that there are at least a few more cons for each (the most notable example I think think of is that physical books take up a lot of space, as I know all too well ... although from a positive standpoint, they are comforting to have around).
In any event, check out the talk, and stay tuned - I think there may be a move afoot to have him reprise the talk for a Ticknor get-together soon.