In middle school and high school, yearbooks were an important part of end of the year rituals. Everyone looked forward to the day when they would be handed out and a lot of students got credit for putting together the yearbooks. Now that we are in college, the importance of yearbooks has not changed all that much. What may have changed is the format they are in.
A few years before I came to my school, they switched from a print yearbook to DVD. I don't know any statistics on how many people purchased them, but I do know that by the time I got here in 2007 hardly anyone purchesed a copy of the DVD. Even people who did buy them did not seem to to appreciate them; I found a few copies in the DVD bin once at Salvation Army. For my sophmore year, the school decided to go back to print yearbooks, a decision people were pretty happy about.
Let's face it: Twenty years from now our kids are not going to slip in DVDs so that they can make fun of our hair. Heck, we probably won't even own DVD players by that point. But print yearbooks are never going to be obsolete.