When an old technology is replaced by a new technology, the old one doesn’t go away, it returns in the form of an art. Marshall McLuhan (approximately)
Sometimes, the old technology starts out as an art too. An article about the creation of Medieval Manuscripts. This article is a nice, concise history of books from Medieval and Renaissance times.
Just as I think that because of technology, we may see the return (eventually) of ideographic typography (think: hieroglyphics and the likes of Japanese kanji) I do think that the survival of physical books may depend upon those things having enhanced qualities, some of which will be done by hand. Manuscript, as the article explains, means manu=hand, script=to write.
A beautiful example of a modern book that is not done by hand but is a visual, sensory delight is The Secret Lives of Color by Kassia St. Clair. Each page is edged in the color described, and even the colored dots on the cover have a gloss varnish and shadow effect, making it appear as if there were holes in the cover, revealing each color. Slightly smaller than a typical hardcover, the satiny feel to it makes it a delight to hold. I think this is one of the best (modern) designed books I have seen. Oh, and the content is fascinating too, meaning that the writing is also well designed. If this were a digital book, it would miss most of the fun and all of the art.