I must admit I pretty much agree with this assessment. Not useless, perhaps, but of far less value.
I like PDFs a lot, although frankly I prefer hardbound for ArM. I prefer PDF for adventures, which ArM is extremely lacking in, but not so much sourcebooks. Unless they are free, which is perhaps the wave of the future - free (or nominally priced) online/digital content when you purchase the dead-wood version. That's essentially what Wizards is planning for D&D 4e. But that's a long way off for ArM, I think.
What I am really yearning for is the day where I'll have a good, durable and cheap digital book, so I could carry all my RPG books with me to a session without needing a trolly.
I can't say I disagree with Atlas' decision - in this or on the matter of the united guidelines. And I wouldn't presume to tell John how to run his buisness. On the contrary - I am very pleased with how Atlas operates, and would like to take the opportunity to thank Atlas for its accesability, kind nature, obvious love of the game, and not the least the success that is ArM5.
Which leads me to wander - perhaps Atlas could simply SELL a pdf with all the guidelines? Some extra collated works perhaps too, for the aforementioned Wizard's Grimoire (I'd pack in The Great Apcrypha Collection). It would require relatively little expense, and if it is fairly cheap it would provide a solution for the recurring issue of requests for such a compilation.
Atlas - are you listening?
The only problem I see with this proposal is that the guidelines presumably present a large part of the rules, so Atlas wouldn't want someone to have the ability to purchase it at low cost instead of purchasing the core book (both at a higher cost and increasing its circulation, which has indirect advantages). But I'll leave such considerations to the professionals.
Errg, actually my file did include that. It's the complete spell guidelines, complete with everything needed to implement them (discussion of the elemental forms, faerie spell parameters, and so on).