Definately go electronic, but also keep paper books (until you land your ultimate pilot job). The electronic books do many things:
1) Ensure your totals add up right
2) Easy correction of errors (turbojets are NOT complex airplanes oops)
3) Search & Sort features.
4) Easy to fill out 8710s and job apps
5) Palm compatible...record your times in the cockpit after each leg (you have to do this in 121 anyway) then upload to your software later.
You would have to be a master excel programmer to get the same functionality as a $35 professional software.