Call me old-fashioned, but I pray the reports of such a demise are greatly exaggerated. Nonetheless, over the years I have seen that students are reading less and that they are increasingly satisfied with inferior material. For them, speed of access is paramount. Quality is secondary. When faced with a choice between a printout and a book, my students almost always choose the easiest road, even if it is not the best.
Reference books are ideal for conversion to the electronic world.
Electronic versions are often better than the printed volumes. I would certainly rather use the Encyclopaedia Britannica in CD-ROM format. I didn't even know I needed. And I love having access to historic documents over the Internet. You can't beat the Web for getting government documents, speeches and breaking news.