College & Research Libraries has released a preprint of "From Stacks to the Web: The Transformation of Academic Library Collecting" by David W. Lewis.
Here's an excerpt:
The existence of a ubiquitous and cheap worldwide communication’s network that increasingly makes documents easily and freely available will require a transformation of academic library collecting practice. It will be driven by a number of specific developments including: the digitization of content; the development of print repositories; the development of e-readers and print-on-demand publishing; the growth of open access; challenges to establish academic publishing organizations; and the growth of new forms of scholarship based on openness and social productivity. If academic libraries are to be successful, they will need to: deconstruct legacy print collections; move from item-by-item book selection to purchase-on-demand and subscriptions; manage the transition to open access journals; focus on curating unique items; and develop new mechanisms for funding national infrastructure.