To a point. The solution is not to u-turn to the old ways. While technology has made it easier than ever to publish a book, it has also made it that much harder for newly published authors to break away from the pack and find an audience. The Internet has given authors the golden opportunity to reach an international readership. It's up to the authors to use this technology to construct their very own road to riches.
Web sites devoted to the promotion of new books are begin created almost daily.
The key is in knowing where these sites are and the best way to use them. Any search engine will help you begin the search, but don't stop there. There are many Egroups listed in Yahoo specifically designed for new authors. These are an excellent source for promotion ideas, plus you can attend any of these 'round the clock in all kinds of weather without ever having to leave your desk. Members exchange information, support and motivation for each other in cyberspace.