Research the Publishing house to see if it handles your type of story.  This will reduce the number of rejection letters you’ll receive.

Advantages of Print Publishing:
1. Payment of advances.
2. Wide distribution of your book
3. Promotion and marketing.
4. Full Copyright protection (in most cases).
5. Professional editing.

Disadvantages of Print Publishing:
1. Struggle to be paid royalties fairly.
2. High reserves and returns.
3. Short shelf life. (could be two months or less)
4. Loss of ancillary rights.
5. Less control over your book.
6. Exclusive rights.
7. Long term contracts

One of the biggest complaints from authors is the very slow response time from traditional publishers on submissions. It can take months, or years, before being notified of rejection or acceptance.  One of my manuscripts has been with the company for one year. (I have had contact, but no decision has been made.)
Electronic publishers usually have a faster response time.

As writers, we want our work shared with others. That's what it is all about. Yes, it is nice when that sharing also includes a nice fat check!

E-publishing

While e-publishers don't typically pay advances, royalties for e-books are usually a good deal higher than for print books--30%, 40%, even 50% of the download price, as opposed to 8-15% for print publishers.

Electronic publishing allows publishers to deliver books to readers faster.  The industry now offers new hardware and software devices. You can store hundreds of books to a Sony Reader, Kindle or any other reading device you purchase.  E-book market has a greater draw for shorter length stories. Even the big publishing houses now offer books in e-book form. 

The drawback is not being able to hold a book.  Though I do have my stories in e-book, I’m still partial to the printed book.

Advantages of E-book Publishing:
1. Your book is published
2. Higher royalty rates.
3. No returns to speak of.
4. More control of editing and presentation.
5. Longer availability.
6. Wider exposure to the English-speaking world through Internet exposure.
7. Non-exclusive rights available.
8. Short term contracts.
9. A more intimated relationship with the publisher and editor.
10. Opportunity to publish books that may not fall into "traditional" genres.
11. Books available twenty-four hours a day in most cases.
12. Print On Demand often available.

Disadvantages of E-book Publishing:

1. Usually no advance.
2. Exposure to only those with computers and Internet access.
3. Unless Print On Demand, no print copy available.
4. Copyright infringement concerns.
5. Lack of acceptance by reading public.
6. Marketing and publicity more likely out of your own pocket.
7. Technology and prices of the available ebook readers.

Publishers Print and E-book:

Amber Quill: Web site: http://amberquill.com (also http://amberheat.com and http://amber-allure.com)

Avon Books: www.harpercollins.com

Awe-Struck E-books: http://www.awe-struck.net/

Beacon Books Publishing: http://www.michelfiction.com/BeaconBooksOurTitles.html

The Berkley Publishing: http://us.penguingroup.com

Champagne Books (Print and E-book): http://www.champagnebooks.com/submissions.htm.

Dorchester Publishing: www.dorchesterpub.com

Ellora Cave (Print and E-book): www.ellorascave.com; www.cerridwenpress.com

Harlequin (Print and e-book): www.eHarlequin.com

Freya’s Bower (e-book): http://www.freyasbower.com/index.php?main_page=product_info&cPath=19&products_id=115

Highland Press: www.highlandpress.org

Kensington: www.kensingtonbooks.com

Liquid Silver Books (print and e-book): www.liquidsilverbooks.com

Loose-ID (e-book and print): www.loose-id.com

Medallion Press: www.medallionpress.com

Mundania: http://www.mundania.com/

Phaze (e-book and print): http://www.phaze.com/

Pocket Books: Web site: www.simonsays.com

Source Books: www.sourcebooks.com

Tease Publishing (e-book and print): http://www.teasepublishingllc.com/

Tease Publishing Dark Tarot (e-book and print): http://www.teasetarot.com/

Tor Publishing: Web site: http://www.tor-forge.com/

Wild Rose Press (e-book and print): www.thewildrosepress.com

Zebra Publishing: http://www.kensingtonbooks.com/finditem.cfm?itemid=11273

Zumaya Publishing: http://www.zumayapublications.com/