Electronic paper is thin, very thin and it works as a display for text, audio and images. So in the end it's just more a new kind of display then paper. However, current efforts to build electronic paper sounds amazing:
"Audio paper," which is just 0.75 millimeters thick, is capable of "talking" thanks to the ultra-small speaker, microphone, and battery embedded within it.

Such a product would have a range of potential uses in advertisements, books, and newspapers, since it would be as thin and malleable as paper.

One example is electronic paper in which text and image displays are generated by electrically charging a special ink sandwiched between two sheets of film. The images are visible even after the electric power is turned off, and a single charge lasts for years. In December 2005, A4-size paper of this kind was hung up at JR Tokyo Station on a trial basis. News, weather reports, and corporate advertisements were displayed on the paper, much to the surprise of passersby.

Read more here: via Trends in Japan

Picture via Trends in Japan too