Interesting...
"lousy for back-and-forth, search-and-find, "where was that bit?" studying and reference"
Weird, since I would think that's exactly where a digital version would be great. Now, that's just my preconception, since I do not own an e-book reader, and have only played with an iPad's e-reader in passing once (refresh time was pretty good, as far as I remember, but could be better if they got rid of the "page-turn" graphical effect). With that disclaimer stating my near complete ignorance of the subject...
See, people are complaining about "how to quickly flip between page 20 and 600"... Haven't anyone here heard of bookmarks? Wouldn't a "temporary quick bookmark" be a simple function to have? Like: you are on page twenty, then you click to add a "temp bookmark" and a little button with the page number appears in the top of the screen, say. The you find the other passage you're interested in, turns out to be page 600, and do the same there. Now, how hard is it, specially on a touchscreen, to click on the 20 and then on the 600 bookmark button? Hey, and you can have not only two, but 4 or 5, no? So, except for the 1 s refresh time, I don't imagine how this is worse than a real book. And in at least one aspect it is better: I can "let go of the pages" to look something else up, or type on the computer, or whatever, and the e-reader will still hold the pages for me.
Is there no e-reader that does what I said above, really?
The "taking notes" thing is another one where I don't see the disadvantage, but that might be because I myself never, ever write on books, or highlight them -- I have always written my notes elsewhere. But that's just me being weird, maybe.