I would expect the hobbyists to have developed some very neat solutions that require some rather specialized knowledge and fiddly-bits. Hobby-solutions are usually not *economical* ones. A business requires something they can hand to an intern and expect it to get done quickly and well.
I have *some*, now outdated (7-8 years ago) semi-pro knowledge of this due to my day job. Typically, businesses will contract the scanning out to pro shops, rather than hand it off to an intern. (Handing a potential money-maker, or project that you want to at least break even, to an intern is a good way to lose money.) The techniques and tech have advanced a *long* ways. Cost ranges from inexpensive ($200 for 200-250 page book, grayscale, text only, simple conversion to PDF) to specialized archival preservation quality (white cotton gloves, low-temp, moisture controlled, even exotic light wavelengths for oxygen- and normal light-sensitive documents, price gets into five figures plus). This is by my memory of researching and contract negotiations from 7+ years ago. YMMV.
A quick Google Fu session on "book scanning services" indicates that the tech has advanced even further, with a matching drop in prices. Scanning the material in now, without damaging the source, will generate good quality output in a variety of formats.
As you said, economical conversion to e-formats will still determine the final outcome - IF WotC goes forward with this. However, it is not as expensive as most people think. Less so now.
Couple of sample links, for those interested:
Blue Leaf Book Scanning Service | Low Cost Book Scanning
| Book Scanning | Document Imaging and Scanning Service
(their pricing is more in line with what I recall)
Bound Book Scanning
(other pages on this site indicate that they can get pretty high-res, 300+dpi. far exceeds what I recall.)
I think the real determining factor for success/failure will be in presentation & features. Along the lines of, if I can't add my own notes to it, why bother?