UPDATE: I should clarify that this post was meant to look at the economics of the Kindle itself as simply and clearly as possible, and how a Kindle subscriber stacks up against a newspaper one from a business perspective. It’s not an all-or-nothing situation, though. Some combination of Kindle-type device, newspapers, mobile, and Web is what will happen in the real world.

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Ryan Chittum is a former Wall Street Journal reporter, and deputy editor of The Audit, CJR's business section. If you see notable business journalism, give him a heads-up at rc2538@columbia.edu. Follow him on Twitter at @ryanchittum.