Good article here on how the Internet is changing the way humans absorb information. I've no doubt that as a medium of communication it will in many ways surpass the other already impressive tools of this type we possess, and that we humans are so good at developing.
I am not convinced myself however that the art of absorbing the printed word is necessarily at any immediate risk. To truly understand a subject in depth a certain amount of "deep" reading is required, and perhaps always will be. It has been pointed out before that new communication technologies don't kill old ones, for instance television didn't kill radio. I admit that many people in modern society don't read frequently, however worldwide literacy rates are still rising and I must say it gives me heart to think that every day new minds are discovering the rich world of the imagination that can still be found only in books.