Industries begin to disintegrate in their perceived value once just about anyone can get their hands on the tools of the trade. I have personally seen this within the design industry as what were once useful tools for the creative and graphic artist are now so commonplace that anyone can claim to be a professional based on software knowledge despite an often clear lack of core design or creative knowledge. Even back in the mid 90s I remember reacting in horror to working with a top level packaging designer who would selected a visual effect based not on the requirements of the creative brief, but the latest Photoshop plugin. Over the years this increased and has diluted the perceived skill in creative design.
We are seeing a similar effect in the audio and visual media spaces with independent producers lowering the audience expectation bar every day. Once the professionals start lowering their own sights, the industry is doomed.
Will publishing follow the same path?
I am not sure it will.
I have no doubt it is in for a revolution - nothing sudden, but it is coming nevertheless. The online world allows anyone to now market their self-published book to a global audience. No longer are budding authors spending months driving around bookstores to broaden their outlets, they are doing it online with virtual book signings, virtual interviews, and good old social networking.
None of this, however, will overcome a poorly written book. I do not feel that readers will have their quality sights lowered to the extent that inferior works will cause anything more than a brief blip on the radar.
The reason is simple: readers have to buy books. In whatever form, a financial transaction takes place and disappointment therefore becomes far more personally focused than, say, having wasted half an hour watching a terrible television program. Once bitten in their purse, a reader might find author loyalty failing to encourage another risky transaction at the next release.