Generally speaking, the two formats are very similar. Both allow you to do the most important thing - read a book. The text is the important thing, not the medium.

Paper books offer many advantages:

• They're easily obtainable.
• They're easily portable.
• They don't normally cause significant eye-strain.
• They're cheap.

eBooks have the following different advantages (assuming you have an ebook reader):

• They're easily readable. Most readers offer zoom functions, letter resizing, and so forth.
• They're easily portable. You can carry multiple books on one device. At Digi-Seller online bookstore, new ebooks with resell rights are added weekly.
• They're much more environmentally friendly. You don't have to kill a few trees for each book, and let's not even talk about the ink. Recycling only goes so far.
• Note-taking is much more powerful, and the notes you write can be found and referenced quickly and easily. And they don't have to be permanent.
• Lighting conditions definately become meaningless. Many readers incorporate display lighting allowing you to read whenever and whereever you like. 

eBooks are useless without an ebook reader program, because they incorporate a technology called e-ink, which resembles paper very closely, and eliminates most eye-strain issues. Ebooks I think are actually better for information books where your main goal is to spread knowledge quickly. It is a major advantage to be able to change the font size. If paper books go away, reading could go from being a cheap hobby to being an expensive luxury.