No, not yet
at least for me. I read at least two, sometimes three paper newspapers every day but also have a whole folder of news sources on my iPhone and iPad. I scan 6-7 "i" news sources as time and breaks permit. I still haven't adapted to the iPad's method of presenting magazines and, although I subscribe (Zinio) to two, the family has probably 12-15 paper subscriptions as well. They appear in various bathrooms and bedrooms throughout the month with stacks in the family room.
I find iBooks very useful and have read a number of them on the iPads.