It costs too much
Text book prices are outrageous. So are computer prices and so are printing costs (even the best monitors still have terrible readability compared to printed material - that is material printed with readability in mind, not just masses of text on a page). But that's not really the problem with using IT as your main tool to educate the masses.
Access to information online at the moment often falls into 4 categories.
1/Search engine results - which are generally completely useless tat if you need to do more than cut and paste an assignment or need to learn for an exam.
2/Wikipedia style resources - that may have huge inaccuracies, but at least it's organised inaccuracy, and rather than having to search through pages of search result garbage you can actually find things easily enough.
3/Well presented educational material on almost every subject - but unfortunately unless you are extremely lucky, usually costs more in subscription fees than the text books you started with.
4/ Bullshit titled websites. You know, with their grand titles that entice you in with promises of relevant content. Unfortunately while the content may be good, it inevitably comes in the form of an overpriced text book you have order from said website.
Now if this project succeeds then give the man a medal - because it's long overdue. But the idea of paying for the kind of equipment you would need to adequately give access to every student is somewhat daunting.
At the very least a keyboard and screen would need to be on every desk. Crowding 3 or more kids round one computer is no way to learn. They'll spend too much time fighting over the mouse and keyboard to actually get anything worthwhile done. Those that don't won't learn a thing, because they'll be shoved to the rear.
Then you have to ask who's going to maintain it all - and I can tell you 99.99% of schools do not employ IT staff.
Then you have to look at replacement costs. Again 99.99% of schools don't carry insurance - it would be extortionately too high, instead local authorities carry large "just in case" bank accounts.
In a utopian society every kid regardless of background and the criminal nature of the school neighbourhood would have equal access to these sorts of resources.
In our society every school would on the local thieves hit list the day after the kit is installed.