Here is my experience.

I'm a very slow reader. I also have a right eye issue that means all reading is done via the left eye only.

The kindle allows me to increase the font size to a point where I turn the page quickly enough to not get distracted and have to reread things and also to a level that I can comfortably see based on how my eyes are feeling at the time, which does vary.

For these reasons, for me, nothing will beat my kindle. These are things I can not control in a real paper book.

Plus I love the fact that I can have my books on my droid, on my work laptop, on my home computer, on the kindle, etc. So I can read where ever I happen to be with what ever I happen to have. That said, I find the kindle non-backlit screen better than an actively lit screen. The kindle does read like a real book.