to ask, is it "really publishing," we have to examine the definition of "publishing." buddhist punk made a good point, so lets stick to that.
if anyone can do it, it will be infiltrated with hacks. thats not to say that non-hacks will do it, but, certainly, the more hacks that do it, the worse off the "industry" will be in terms of perception, and this will in turn affect the non-hacks.
there is a reason that some restaurants charge more for their food that goes beyond making more money. by pricing things out of the range of the common man, they create an atmosphere of more desirable folk. artificial elitism. this is what has happened in publishing, in a less intentional way perhaps, but nontheless. so the group of writers that is considered "published" is part of this group, which is very hard to get into. this doesnt mean that someone who cant afford to eat at daniel isnt smart enough and charming enough and classy enough to do so, it just means that he hasnt gotten his foot in the door with agents/publishers yet.
so, do you hang out at the dive restaurants if you cant get into the ritzy ones? even tho, in this case, you really want to get into the ritzy ones and you're worried perhaps about not only not getting into them because the elitists see you slumming and therefore judge you, but also do you really want to use up your appetite eating crap and all your good lines speaking to morons when, in a matter of some unknown period of time, hours, days, weeks, you might be accepted into the nice place and be able to really eat like you're meant to.
personally i think that e-publishing is a way for hacks to get published. i say this because of the lack of editing and revision that is done (in general) in this forum. thats not to say that great writers cant e-publish. but my question would be: why? the fact that anyone can do it means that it's that much harder to get your stuff read and appreciated. it's merely a form of vanity press, and, while it may create a valid cult following, it's not going to stand the test of time simply because of the fact that it's buried in the rest of the crap that's out there.
just my opinion.