I meant to draw new players in. I don't see a player new to the game being drawn in by a book that is just a reprint of rules. The book would be too dry.
For existing players, certainly, a reprint of the rules could work. A player new to the game needs a current Player's Handbook in my opinion as though it covers rules, it has expanded explanation/fluff/background to help get a new player into the game.
This is what Essentials is for, and why all their material is paperback as well. They keep Essentials and the Red Box on the Barnes & Noble / Borders / Amazon shelves in order to draw people to the game. Once they start playing, they'll come to one of three conclusions:
1) They don't like it, and stop playing
2) They like the Essentials game fine as-is and just play that.
3) They enjoy it to the point where they want to play more of it, so they join D&D Insider to get all the extra stuff. This is basically the equivalent of joining X-Box Live, or buying video game DLC, or pay for a full MMO subscription.
And if the rules ever evolve or change far enough along the line... it's much easier / affordable to reprint the paperback Essentials Player's books or Rules book with all the updated material. And we'd be less prone to have people complain about needing to "rebuy" the books, since by that point the books would be meant purely for new players.