Why does it have to be either -- or?
I keep my hard copy manuals on board in four hard plastic 3 ring binders. All the "greasy" manuals are tucked into their own binder for when I 'm doing engine work.
Non-punched and small manuals can be added in sleeves and 1-20 page manuals get punched by me. I make note of things to remember right in the manual. The binders live in a cubby behind a seat.
I've also Googled and downloaded all the significant manuals for the boat and have them on my laptop and desktop. That way if I'm at home and need to know a part number or hose size I can look it up.
Having them on the laptop makes searching easier, but for me you can't beat reading through the manual with your coffee in the cockpit first thing in the morning before tackling a job. And like DaCap06 I've lived with electronics too long to trust my manuals to electronics alone.
My high tech maintenance log is a smudged wirebound notebook that lives in the same cubby. One of these days I'll put all those maintenance records into a nicely bound log book. Umm, yep one of these days...