It wouldn't be a bad thing if most books were available free online, especially ones where the author is long dead. We heard the same arguments for music. I don't mind honoring copyrights if the original author benefits, and if there is some sort of time limit after which the work goes into public domain. However, the idea of some company holding a copyright forever, and giving the original author what amounts to peanuts, just rubs me the wrong way.
If you're a budding author, the web can give you a lot more exposure than waiting for a publisher. Maybe something where someone can pay you a few dollars to access your work in full might be a good idea as it cuts out the middleman (i.e. publisher). Who reads print books any more nowadays anyhow? Judging by all the cloeouts I see for books everywhere I'd say almost nobody except students and teachers. Last time I actually picked up a work of fiction was in literature class in college. Nowadays my recreational reading consists of data sheets, technical manuals, and free trade periodicals. I'm guessing most of the public acts similarly. Not a knock on the printed word, but with easy access to the Internet and computers it seems we're in the middle of a shift similar to the shift from verbal passing on of literature to the printed word several hundred years ago.