There is quite a lively debate on the BFS Forum over the small press, self publishing, etc.
One excellent idea put forward was the suggestion that an ideal array of formats for a book to be brought out in the small presses would be a limited hardback edition for collectors (or keen fans of the writer) of 100-150 numbered copies, and a paperback version published via POD, which will therefore be available constantly at a reasonable price, topped off with a e-book version. Using the same cover artwork, etc., this would reduce the overall costs and at least make the book as fully available as possible.
The discussion has now gone on to the issue of distribution and sales - an important matter for anyone spending serious money. And there's no doubt but that this does demand serious work by anyone concerned, including the writer.