It wasn't always that way. A reader used to have to cut the pages after purchase. Chapter breaks were a crazy new invention at some point. Works were copied by hand. There was a time when it was considered gauche for an author to claim credit for his work. There was authorship before paper.
And if you've spent any time reading older literature (certainly anything pre-1700) you've noticed differences in the style and pacing of those stories compared to what's produced today. The novel is not a fixed-form; it continues to evolve.
We've become very comfortable with the format of a modern-day novel, both its physical presentation and the story itself. But is there a better way?
We're seeing physical format changes in the e-readers, but they try to mimic paper books to a large degree. We still have to page forward and back, even though there are no longer any pages. The text sits still while we move our eyes, rather than the other way around. We are still shown covers even though these books (which are not books at all) have none: the protective purpose they used to serve is unnecessary.
The novel itself is changing, as it has changed throughout history. The physical format the novel is presented in is changing too. Are we making too many concessions to what readers are accustomed to? Do we really lack the imagination required to make reading a better experience in more than just a token fashion?
Aside from instant purchase and downloading of books, and the ability to carry a large number of books with us on our e-readers (note that none of these changes the reading experience itself) what have we done? We've provided a way to change the font size. That's about it that I can see (no pun intended).
Shouldn't we expect more?