As much as I love e-references in the clinical setting, I think e-text in the classroom still has a long, long way to go. I had a chance to pilot an e-text version of Jarvis a few months ago, and as I told the Elsevier rep then, "I think you'll be lucky if you can get a third of any given cohort to buy this product."
First, e-text is dependent on you having high-speed Internet, which most students might not at home (or not high-speed enough - the rep admitted that it really only works over commercial fiber, cable or premium DSL, and it was slow as molasses over his Sprint mobile broadband card). Second, as previous posters have said, it's a way to make you keep paying for the same content. And finally, the "value add" in terms of multimedia or collaborative content is pretty minimal (and you're locked into that publisher's platform, which content can't be exported or linked to Moodle, CourseTools or whatever your school's existing learning technology platform might be).
I've seen this idea hyped before, when I was in senior year of HS - my school was one of the first in the country to issue a laptop to every student, in the promise of implementing e-learning throughout the curriculum. It turned out to be a $2200 per student disaster then. From my perspective, neither the concept nor the relevant technology is any better in 2010 than it was in 1999.