Re: School yearbooks. What a waste. 
dude..why on earth would I send an yearbook to potential employer?
and yearbook serves a very important purpose, it is like a really good summary of what was going on the campus that year and while somethings may only have been of passing interest to you, opening the book later and a walk down memory lane is great.
my own set of pictures give a glipse into what I was up to, but the yearbook is a review of the surroundings, all packaged nicely. It is amazing for me to pick up my freshman year yearbook from college and do a quick travel back in time to that year.
could yearbooks go digital, probably, but then that is a bigger question of whether books can be replaced.