i like neither (assume e-book = pdf)

paper: non-searchable, heavy, takes space pdf: DRM ridden, not grep-able

i like html (and text-file) tho it's open source, grep-able, zoom-able, text-resizeable, view source + css + js + creativity (can highlight, do fancy things)

basically a very mallable media :D love it of i forgot, you can change .html to paper format by technology called printer