To each their own I guess. Personally I love how awesome it is that I can have one book in many places. I can read from my laptop at work, on my phone on the go, and from my tablet at home. Each automatically syncs to the last read page and my notes/highlights move between them. Mind you I don't actually ever USE notes or highlights, but it's pretty cool that that option is there. Sure I like to hold a book in my hands, but the convenience of an ebook is really hard to beat.

Plus if I have a moment to read and I want a new book, I don't need to wait 3-5 days for shipping, I can download it instantly. If I'm ever out of the country (as I am now for half a year) I can still get any book delivered to me instantly. For me that's just a convenience, however it's critical for areas that normally have to wait 15-20 days for shipping from a place like Amazon.

EDIT: As a quick note to your edit, you're really ignoring some of the best parts of ebooks while pointing out their worst. I don't own a Kindle however read ebooks through Amazon on three different devices.

Like I mentioned, I have a Kindle, and I've loaded it with tons of classics and DRM-free materials. It's nice and convenient, and I really like it.

But buying something is different - buying is, by nature, a matter of value. The fact of the matter is, buying a second hand book gives you more value/dollar than buying an ebook at 3 times the cost. An ebook you read once but cannot resell is eight dollars literally lost overnight. You no longer have the eight dollars and you don't have anything worth eight dollars. When you buy the book second hand, you get the same (or better) value of reading the book, but you also retain a residue value that lives forever.

I contend that I get eight dollars of value out of the conveniences the ebook provides. Like I said, to each their own I guess.

Also a physical book can be lent and resold. They are pulling a fast one with digital content licensing. Everybody talks about price while there are more significant long term issues.

I live in a tiny apartment with no room for all the books I read. I don't like the clutter much anyway - and it makes it hard to move. I have no one local to me to lend books to. Being able to download a book instantly, whenever I want, is a huge advantage.

When I travel, carrying a lightweight kindle or iPad is simple and doesn't take up tons of space like the 3 giant paperback books I would read without an e-reader. Plus, assuming I bring an iPad, it does tons of other stuff as well.

On top of that, as other people have mentioned, all the syncing that is done between reading devices is fantastic.

Also, I can read in the dark on my iPad, and I can read with white words on a black background, which is much easier on my eyes.

I suppose that when you're younger and moving often, acquiring a library can be a problem. I live in a smallish Manhattan apartment, but I've been here for years, so I designed my space to accomodate my books. I take great joy and pleasure in having my library there to surround me at home, available to browse and grab at will. Scrolling through a menu on a little screen will never fulfill that same need for me.

I definitely agree about the advantage of e-books when I travel, which is why I sometimes buy light entertainment that I don't care about owning in e-book form.

Reading in the dark is one of the worst things about iPads, however. Light that is reflected from a page is much easier on the eyes than light shone directly into your eyes, even if it's white on black. I wouldn't presume to argue with your personal preference, but I find the eyestrain of a glowing screen in the dark to be a considerable drawback.

That argument doesn't work nearly as well for people who live outside the US. The 1 cent price doesn't take into account the $12.49 international shipping costs (as well as the up to six week wait for delivery) I have to deal with if I buy used books via Amazon. Also, I almost exclusively read foreign books and I love being able to tap a foreign word and immediately get the translation. That would be worth a lot to me even if ebooks weren't cheaper and delivered to me a million times faster.