Although the price is excessive, I think that we can't forget the target of the device: students. If this tool can improve the student experience, reduce the costs of the books during the year and enable them to do some homework (I haven't tested the system and I have no idea of all the gadgets available)... it might be a good idea for them.

I look back at my Middle School years when I had to carry a bag full of books every day and... 5.5lb doesn't sound that heavy.

Also, this technology has been developed for students. If the device ends up being successful, I am more than sure that other tablets will appear with a broader target.