Just about every reader except the Kindle can display books in the .epub format. Unlike pdf, text in epub can be easily reflowed for different screen sizes and font sizes. Do you see any serious challengers to epub?
Of course reflowing does give rise to a problem - what do you do when your teacher says "Turn to page 56"? Is there any standard to solve that? Maybe numbering all paragraphs? Or "Search for 'p56'" with tags for the start of every page in the printed version. Or how about bar codes that could be scanned, or book-local tinyurls that could be remembered and typed.
To a lesser degree, different editions of printed books already suffer this problem and it's never been solved satisfactorily.
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