1. I can pick it up from any device I have at any time,

2. I can pick up any book depending on my mood at that point in time (I usually read one fiction, one non-fiction and one craft related simultaneously)

3. I can highlight and keep notes with the book that's in a form I can just copy-paste later. More than a few times I have now bought the e-book even though I own the physical book.

For me these things make the cost worth it. That said I lament the things you mention above. I want to be able to "own" the book and be able to transfer or resell after I'm done. I also want guarantee that I can keep reading the book forever. Either that or a more Spotify model (Amazon Kindle Unlimited has limited selection so far) that I can just rent x number of books and month and don't have to own it. I'd be fine with that. It's the in between model where I have to pay more than paperback but can't resell it or even give it to a friend that bothers me - if anything as a matter of principle.