I agree entirely with Todd Augsburger -- let "Publish or be damned"
be the watch-cry.  On the decision whether to be on-line or on the
bookshelf, there is a middle course: http://www.lulu.com/ is the
web site of a free (yes!) publishing operation.  I haven't used it
personally but I have a son who has edited a book on a relatively
arcane subject.  He used lulu and is delighted with the result.

The author is presented on-line with all necessary tools and facilities
for pre-publication.  When the work is complete the author publicises
its availability from lulu and buyers purchase directly.  The income
is split between lulu and the author.

Cheers
Michael Woolf
New Zealand