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espressobookmachine2 Time Magazine is all agog over the Espresso Book Machine (“meaning ‘fast,’ not ‘coffee’) because it can “churn out a 300-page paperback on demand, complete with color cover, in just 3 min. The $50,000 machine could transform libraries into minibookstores, making hard-to-find titles as accessible as cappuccinos. At $3 a book they might be cheaper too.” In fact, the machine is a Time “Inventions of the Year,” based on reader votes.

On-the-spot, instant print on demand excites me, too, and I know that the people behind the machine will make lots of progress. For a jolt of realism about the machine’s current capabilities, however, check out an if:book post from August 3. (Time item found via Peter Brantley.)

Related: Time snubs e-books for Invention of the Year, in MobileRead. Oh, come on, folks. It’s not one or the other. No need to cancel your subscription. Remember that the number one Gadget of the Year is the e-book-capable iPhone. And OLPC’s even-more capable XO laptop is a winner in the computer category (even though the mentioned price of $150 is currently $38 or so less than the price of the day). “The stripped-down machine with its sunlight-friendly screen,” says Time, “is perfect for kids in the developing world, and the low price encourages governments to buy in bulk.”

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