I think it hinges on the paper and print quality mostly. The binding can be repaired if one treats a book a bit rough (my library offers a workshop for that...). While I have heard that the usual paper quality used for printing has degraded, I haven't seen any indications of problems in my own books so far. I also regularly consult books in libraries whose printing dates range all over the 20th century. Of course, they may not be pretty any more, and the paper often becomes yellowish, but treated somewhat decently they seem to age well and still be completely usable.
CD's and DVD's are another matter unfortuntaly... I am now basically operating under the assumption that any CD or DVD will be unreadable after a few years.
It is decorative, visitors can easily get a glance on what I am reading and might pick out something that interests them, and last but not least: archival purposes. I feel confident that, say, 50 years from now, most of my physical books will still be around somewhere (maybe in a room, maybe in a moving box), and waiting to be picked up to be read.
With my ebooks I am not so sure that I'll be disciplined about keeping backups on contemporary storage material, have a reader still able to read the format or a tool to convert them easily.
I find e-books very convenient to read, but am annoyed that it is harder to lend them to friends (if they themselves don't have a reader), and that I have nothing to put on my shelf.
What I really wish for would be someone to offer physical books at price X and the combo physical book + DRM-free ebook at price X+0.50€ or X+1€ or something small like that.
(I can understand that e-books by themselves are not dirt cheap, since most of the cost goes does not come from the printing and physical distribution process. But in a bundle with a physical book that is already paid for through the price of the physical book, so one just needs to tack on a little bit to make a nice profit). I'd take that option everytime, turning the small extra into almost 100% profit.
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