The Indie Publishing Revolution
Mike Shatzkin and - in the comments - Joe Konrath provide perspectives on whether best selling e-book writer John Locke would have fared better with a traditional publisher.
That is assuming, of course, that Locke would have been able to land a traditional publisher. An interesting argument once surfaced in a separate forum: After their agents scoured the traditional publishers, many authors only received one offer. But for that single offer, they'd still be in the cold.