Electronic paper book (EPB) is a brand new concept and product different from traditional electronic readers. In the recent two years, from technology to product, EPB has been developed rapidly, creating a prosperous market. EPB means a great milestone-like revolution for both the information content industry and high tech manufacturing industry. EPB undoubtedly has many strengths Compared with traditional media. There are also many opportunities for EPB industry. But problems and challenges are unavoidable. After a brief introduction to EPB, strengths of it are introduced first. Problems of EPB are mainly discussed then. Opportunities and challenges are analyzed next (SPOC). Finally some countermeasures are proposed for development of EPB.