To be honest I'd like to see this metamorph a bit more into something more complex. Closer to a tablet- it'd work like actual paper you could write on. Add a dongle or just a port for hooking in a flash drive, so you could literally write or draw or whatever, and it'd translate it into a file that you could opt to save into the drive. Later, queue the file, it changes into a page. Allow you to add notes in the margins of your eBooks, etc. Should be possible, I'd think- you might limit how much you can fold this, but I'm thinking this isn't quite the sort of thing you could crumple up and shove in your pocket as it is, so there should be enough surface area for wafers.
Power-wise, I remember reading about batteries with the dimensions of a credit card. Not a huge amount of power, but if you distributed them (say, one per quadrant of the 'sheet') you should be just fine for a good while.
Interesting, and a nice step- but I think we've got a ways to go.
Now, how long til we get
LED tattoos?