Adrian Warnock wrote an article last year that I’ve only just discovered. It’s called The Risks and Rewards of Using Technology in Sermon Preparation, and succinctly and persuasively argues for using technology in sermon preparation, much of which also applies to personal Bible study. It is well worth reading.
I still like a low tech approach alongside a high tech one. Undoubtedly the computer does aid research, concordance and lexicon lookups, and the like. I use Logos and the Internet alonside my dead tree books. But I still find that gathering my thoughts together is better done in a low tech way first — pen(cil) and paper allow me to diagram and jot more efficiently. I suppose I’m basically a complementarian when it comes to technology, as well as theology.