When was the last time you went to the library? What did you check out? Did you copy anything?
Our institution no longer has a print library for journals, and the only reason I see to keep them in some institutions is to access older stuff that has not yet been digitized. I have not made a copy of an article on a copy machine in probably 7 years, now.
If you had told me in grad school that the copy machine would be a thing of the past within 5 years of graduation, I would have looked at you as if you had just landed from the Planet Idiot.
These musings were prompted by this article.
I attend several large conferences each year, and get a subscription to several print journals as part of my society fees. I don't read them. I search the TOC of the on-line editions each month, instead. The only print issue I keep is the big, fat one with all the abstracts from that international conference, because it's still easier for me to look at a print version to see the other, related, presentations from that journal, which I might miss searching the conference CD using keywords.
I think moving to pure on-line publishing for most articles, with perhaps once-per-quarter print editions of the most important stuff is probably they direction that scientific publishing should be headed.
That being said, there will have to be sources found to replace print ad revenue, and pop-up ads in on-line versions are not going to be popular.