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Yeah, I'm one of those that have several books and mags in their bag at any one time. But it's so heavy. Like to offload them to a digital device.
But back to books. I completely see you point on the whole reselling part. I think it's actually an even bigger issue that Amazon needs to address for Textbooks that they're pushing on college students with the new Kindle DX. A large part of the way I got through school was by reselling used textbooks to buy the following year's textbooks. So that's definitely something they'll need to figure out. I can't see many students needing to keep years of textbooks that they're not going to use.
Another thing that I see being valuable, would be to borrow/rent books for a much lower cost than buying. Kind of the same model Apple has for renting movies on the iTunes store. I think Amazon should implement something similar for books. Either that, or find a way to partner up with some Libraries. You can always opt to go borrow a book from the public library for free instead. It's definitely an option.
What I do like about the Kindle, is the page saving, notes i can type in and also highlight then later go to Amazon.com to download them. That's very useful for reference. Not so useful for just casual book reading.
However, if a student only had to pay $1 for a digital copy of a text that expired at the end of the semester, now that's a model. I think there is a lot of room for improvements. The old establishment of book publishers and printers will have to face the music like newspapers are doing.