I'd be very disappointed if they don't assume errata will be needed. That either means that they're deluded into thinking they won't make mistakes, or that the game is too fundamentally imbalanced for mistakes to matter.
Now, I don't think the OP's proposal is practical. Best I could see is releasing a version of the rules meant for three-ring binders, but a hardcover book capable of having pages added to its binding doesn't sound feasible.
I'm not saying don't assume the game won't need errata, I'm saying don't rely upon errata for fixing your system before it is even released. I can give an example of this.
4e by wotc has errata, so does pathfinder by paizo. Both have errata. One playtested and has significantly less errata needed. One has a mindset that they can use their DnDI to fix errata.
To equate this to the example above; either they should test the system to get the best damned product they can BEFORE release. OR they can keep extra pages blank, or have open-binders, or include handy DnD sticky notes for when errata is needed. I would rather have the superior product with 0 errata added on (even if it is needed), then a faster product with more errata needed (even if the extra errata makes it a better system overall.)
PDF == digital
Personally I'd rather have an iPad app, I find having laptops during play annoying but iPads are fine.
Warder
I don't know the point you are trying to make Warder, mine is that I don't want to have to rely on anything electronic be it online sources, pdfs, app based programs, e-character sheets or whatever. It does not improve my game. It has the opposite effect. I haven't had any experience with iPads or tablets at my games so far but I have had to ban laptops even though we used them for years without any real incident. It adds a barrier between players, and when the game is about interaction having everyone's nose behind a screen is the exact wrong thing I want to see at a gaming table.
Now, I'm not opposed to having these resources OUT of game. I'm sure there are CharOps boards that can help, or certainly coming here and talking about DnD/looking for suggestions, but these are things that detract IN game. For this simple reason I want my rule book to be a BOOK not a file on a server. This includes the SRD.