"I am not at all excited about e-books," writes Rosner. "I believe they pose threats to profitability for most book publishers." Among the threats posed by a focus on e-books only: the publisher will be less attractive to authors.
"The process of converting a Microsoft Word document into a PDF file for download is much simpler (or at least, perceived to be much simpler) than the process of engaging the services of an offset printer and dealing with all those thousands of books that come off the press. If e-books are sold more than printed books, the publishers’ added value may seem irrelevant."
You can read Bryan Rosner's story here, and you can also read other articles in the IBPA archives (Independent Book Publishers of America).
There's a round-up of links to stories on e-book markets, rights, and audiences under
Publishing and e-publishing on Writers and Editors