I also own an Iriver Story, which I bought about a month ago. It was one of only two which are generally available here in Sweden at the time I bought it. I looked around, and I think I'd have liked to get the B&N nook, but I opted out of faking my address in the US just in case anything happened and I had to send it back. That or the Kobo would have been my first choices but the Kobo's not available outside of Canada and the antipodes yet, maybe the US too.
The Story is good enough. In Sweden it comes with 100 free epub books from gutenberg.org and of those 100 probably 40 are books I enjoy reading, and 40 more are books I have been meaning to read. I've loaded a number of new epubs on there, and I'm satisfied, as epub is the standard I hope will become a standard. It seems to be the format supported by most e-readers I've looked at, far more than mobi, for example, which is another non-store-specific standard. I've seen reports that it doesn't do very well with doc and txt files, but then I've got a laptop for those. I wouldn't use an e-reader for pdf either.
The manual looks like it was translated from Klingon to English by a North Korean, and Iriver's online help is abysmal, but with a bit of testing you can get most things sorted.
If you're stuck for help, there's an Iriver forum in here where the user-generated help is phenomenal. I expect to see you all in there.