I feel for Greg...first pirates....everything is cheap and commodified now..
I'm not quite sure why you're so vehement about my IMHO thoughts?
I've never suggested piracy (and in fact the potential for someone scanning in the hardcopy then distributing it free online offers less protection than various e-publications: try a search on protecting pdf docs: the other day I came acros a site which is stuff-full of free to download Osprey etc publications). Issuing as pdfs or as an e-pub are alternative viable options (eg, check out, eg Kindle publication: the Illustrated Historical Artist Magazine also operates as an e-pub).
Either would also allow for a dual platform publication (hardcopy for them as want to pay a premium; e-copy for them as don't).
As for Greg making a living: there's the well known break-even formula between cost/profit. To put it simply (and hypothetically):
> let's assume the fixed set-up cost to take the photos, produce the artwork etc was $2,000 (I have no idea how much it actually cost: Greg may have done much of it himself in which case notional costs apply). This produces a pdf that you could send to a printer (although in reality, higher quality file formats are often used).
So:
> HARD COPY @ $30+p&p; lets assume this sells 1000 copies (perhaps high, but keeps the maths simple) = $30,000 sales revenue of which 20% is VAT = $24,000 income
less production cost to print... just got an online quote of £4,307/k, so say $5/copy = $5,000
less handling/p&p etc... let's say $3.50/copy = $3,500
amortisation of set-up costs over 1k copies =$2,000/1,000 = $2= $2,000
TOTAL COSTS = $10, 500
So, income of $24,000 - $10,500 costs = $13,500 profit to Greg
> E-COPY @ $10 per copy (distribution cost in the cents, but let's say $0.10/copy): let's assume this sells 3,000 copies = $30,000 = $26,00 after VAT
no direct production cost as it goes out as a pdf (or could do as,e-pub on, eg Kindle @65% royalty rate) = $0
less handling costs: factor in a notional $0.10/copy = $300
less set up costs: stays the same @$2k but now amortised over 3k copies = $0.60/copy = $2,000
TOTAL COSTS = $2,300
So, income of $26,000- $2,300 costs = $23,700 profit to Greg (and more people benefit from his good work)
Even if you just go hard-copy at a lower price there's a fair chance that you will sell more and as the print cost per copy will come down significantly you could still make the same or more profit (the old profit maximisation vs penetration pricing strategies apply).
Of course the above is pretty-well all guesswork, but it serves to make the point (or at least my marketing students got it)... also, as many listings on Amazon testify, you can still do both.
Piracy is a different issue.