It's totally legal these days to only have an electronic logbook although most people still have the paper logbooks. I believe CASA require you to be able to print a bound copy out if requested. In regard to the stickers and any logbook stamps they can be inserted on the print outs.
I'm currently in the process of entering all my hours into an electronic logbook,it's a lot of work when you have a lot of hours but in the end it will be really easy to keep a track of hours on types etc,really good for job applications and upgrades. If you keep a couple of backups in seperate places,you will never lose the data.
If I was starting out,I'd use a paper and electronic logbook.