For years, I've said that if there was a way to rip a book the way you can rip a CD onto a computer, ebooks would become exponentially more popular. This fellow hasn't come up with a commercial application, but he does have a way to transform his books into ebooks in just a few seconds.
I bet that somewhere, someone out there is working on an easy-to-use commercial version of this. If they can make an affordable device, they will make a shit-ton more money than some of these businesses that have slapped together ebook readers in the past few years.