I agree that paged layout are both cool and terrifying. Scrolled layout are much simpler for the formatter as there always is more space to use. Splitting content into pages, known as pagination, can be hard when there are unbreakable chunks in the content. In most cases you can split tables nicely (if they are real tables and not typographical devices), but images should never be split.

Still, I think it's worth it. A nicely laid out page is a pleasure to read, and I've never heard of only who have scrolled through "War and Peace" -- the act of turning a page seems more graceful. And when you are reading for child on your lap, turning the page to see if there's an interesting drawing of a rabbit becomes an event.

Surely, scrollbars will not go away, but we should be able to support pages one the web, too. Web pages, for real.