These features create a learning environment where the student can interact with the material. Yes, but not in the same way. Traditional formats present information in linear or narrative form. The computer can go beyond this and present information in associative or relational form, when appropriate. An interactive format makes it possible for the presentation of information to occur under natural conditions of inquiry, that is, when the learner has framed a question and is receptive to the answer.
Books are cheap and effective.
It's the presupposition that fails. I don't see computers replacing books at all. Literacy did not replace orality, nor is it the case that other media will replace print. Literacy remains a primary goal of education, but it's not the only goal. The current concern with our educational system is that it provides neither a broad understanding of the world we live in nor meaningful skills to make a living.