For me, not much compares to the pure enjoyment of studying from books. I just love books.
I used to use the analysis board along with the book study but I found that my OTB vision was not improving at all but my "online" game improved. So, I got myself a nice set and board to study with so as not to get creamed when playing OTB.
My study habits are basically to do as much tactics training here as I can. Try to play a game or two per day (I know, not enough), and to try to get an hour of book/study time per day. Wish I had more time available for chess. Work, family, kung fu training/students all need my time.
When I refer to modern, I do not refer to modern theory, but of using an iPad/electronic device to look up articles and books, as well as PDF, while simultaneously using the Chess.com analysis board to follow, which is what I do to study chess. Often, I also follow books and lessons on an analysis board of my own, and also use Chess.com and the internet as a tool.
Does anybody else study Chess this way? How are your study habits? Do you use an electronic device to substitute a few shelves' worth of books?