As for storing all books in one device, if that means what it sounds like, I think Google Books is working on it. They want to scan and store everything. Copyright is a big issue, though.
Personally, I can’t think of a lot of things scarier than the idea of having all recorded human knowledge and thought stored, coded, indexed, and managed by a megalithic for-profit entity. The possibility of allowing the world’s body of literature to be selectively distributed and potentially even held for ransom by a private corporation that might have changed its mind about not being evil is not far-fetched enough by today’s standards to be dismissed as a paranoid fantasy.
In fact, at the present moment, reality has outstripped paranoid fantasy by far enough that it’s going to be a while before we can comfortably say “Come on, that’ll never happen.”