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Indiana University has released a summary of two years of research on their E-Textbook project.

About 60% of the students surveyed said they preferred the e-textbook to a paper textbook, although this ranged from a high of 84% to a low of 36% depending upon the course.

Factors influencing preference for e-textbooks:
Ability for instructor to annotate and share with the class:
Sustainability (reducing paper)
Weight of Books
Student Annotations

See also Chronicle article on the topic:

The university requires certain students to purchase e-textbooks and negotiates unusually low prices by promising publishers large numbers of sales—now has the participation of major textbook publishers, and university officials plan to expand the effort.