As what i have read on the Treehugger site, Xerox has came out with a paper that self-erases within 24 hours and can then be re-used. The printing on the paper will fade gradually in 24 hours under the light is actually due to a compound on the printing that change colour when they absorb a certain wavelength of light.
The printing can also be erased faster by exposing to heat. The erasable paper produced by Xerox has not yet on sale. It is because it is still a research project. I enjoyed reading the article as it is quite a good idea to help in reducing paper used. And i do believe the erasable paper could help in reducing the number of paper in the world. However, Xerox still need to think how they should reduce the cost of production of the erasable and the ways to attract the consumers to use their product.