Is self-publishing through ebooks or going about a traditional publisher a better route? Will traditional ones?

[Maria M]

.....cease to exist one day?

If self-publishing is better, how does someone without money go about hiring someone to do the cover of their book if they cannot draw, and hire advertisements. Self-publishing and ebooks seem like a waste if you ask me and a cheap way to get out there doesn't it? There are so many wrong things with it....

[brother_in_magic]

Have a look on 'royalty free' art/photo sites. For a small fee, you can use one of their images on your cover (check the terms to make sure you can modify the image by putting on a title etc.) If you search the net there may well be struggling artists eager to do commission works for a small fee just to get known.
Advertisements aren't really necessary and seldom pay off. Try for free spots in local mags and newspapers (write and ask if they want to do a story for local interest), make a blog, use twitter, the Amazon authors forums and facebook (make your own page and join various groups for indie authors.)
Traditional publishing is most people's choice but the choices are rapidly dwindling. There are the Big Six publishers, about the same amount of mid-sized houses, and a lot of 'small press', which do publishing the traditional way but probably won't give you much more exposure than a self publishing job, you just won't have to pay for any of it. Most small and medium publishers require you to submit via an agent (about 90%) and agents themselves are like gold dust--some only represent certain genres and they only take on a certain amount of clients. it can be nearly as hard to find an agent as a publisher, and having an agent isn't a sure guarantee your book will find a home either.
Other disadvantages of 'mainstream' publishing is that, unless you are very famous, you have no control over either title or cover. So you could write a fantasy novel about a moody, medieval type hero and get a gaudy SF cover with a girl in a tin bra and bug eyed aliens. You could write a story called 'Corn King, Spring Queen' or 'Around Every corner' and end up with them being called 'The Barbarian' and 'The Dress.' (These are real examples btw!)
Publishers will also expect you do most of your own PR nowadays...unless, again, you are very famous or they think you will be the next big thing.
I don't think trad will cease to exist but they are going to have to adapt. I see this happening now. Many authors try self publishing and if successful, get picked up by a major house. Chris Paolini is one, the woman who wrote Shades of Grey, Amanda Hocking, Kit Berry etc.At one time if you published yourself they wouldn't want to know, but that is changing. It is almost like doing work experience!
Nothing wrong with self-publishing being a cheap way to 'get out there.' Publishers aren't gods, and sometimes they make mistakes (rejected Harry potter 14 times!) and sometimes they are constrained by money and take the 'safe' works by a well known, rather than the better works of a newcomer. Talent will out, as they say. Sure, there's lots of dreadful self pubbed stories, but generally no one buys them, they get bad or no reviews on Amazon and they sink without a trace.