Paperback advantages:restful for the eyes of a person who works a lot on the computer and is tired of the electronic glare by the end of the day
cozy
inexpensive, at least the average paperback; the hardbacks are still fairly pricey.
can be underlined, highlghted and dog-eared
can easily flip back and forth to other pages
can be traded and lent out without infriging upon any copywrite or anti-piracy laws
Disadvantages:
you have to go out to the library or bookstore, or order one on line and wait for delivery (unless you have a huge 'to be read pile,' like I do)
uses trees
are bulky to store
need good lighting by which to read

Advantages of E-books
download instantly to most PDF or Palm readers, or ebook readers
generally less expensive than paper books
can store hundreds of books all on one little device, so it saves storage space
environmentally friendly
don't need good lighting as most of them are back-lit
can increase the font to larger type
appeal to techies
most ebook readers are so small that they can be carried with you everywhere
Disadvantages of E-books:
require very expensive e-book readers ($200 and more)or Palm readers
it's a PC--if you drop it in the bathtub, you're toast and so is it
if your battery power dies, you can't read any more until you charge it up
So there you have it. Do your research on ebook readers, maybe try a freind's and see if you like it or not before you decide. And watch new products. Like anything technical, new generations of ebook readers come out all the time.
What do you prefer? Take in my poll above, or leave a comment. Or, if you think of additional advantages or disadvantages, please leave a comment, too.
Either way, Happy Reading!