This New Yorker article sums up some recent thinking on the psychological effects of online reading.
There were the architects who wrote to her about students who relied so heavily on ready digital information that they were unprepared to address basic problems onsite. There were the neurosurgeons who worried about the “cut-and-paste chart mentality” that their students exhibited, missing crucial details because they failed to delve deeply enough into any one case. And there were, of course, the English teachers who lamented that no one wanted to read Henry James anymore. As the letters continued to pour in, Wolf experienced a growing realization: in the seven years it had taken her to research and write her account, reading had changed profoundly—and the ramifications could be felt far beyond English departments and libraries.