I have a V3 since November and am very happy with it.
The Hardware is simple and elegant but still rugged enough to survive being transported in my bicycle's basket in a backpack. I could geekishly, as I possibly am, carry on how cool the hardware and software is, and how infuriating it is that the GNU/Linux GPL is being violated. And, yes, I have photos of my children and some music on my V3.
But actually I got this gadget to read books and that is what I have been doing lately. I've been reading books in airports and at bus stops at home or in coffee shops. And have read about 15 books on my V3. Nowadays you can download magnitudes of books. I fetched some books from Gutenberg and read them as text files. Have read html-files, which rendered OK depending on the HTML code. PDFs work too though it is somehow the wrong medium for that. When you zoom into a PDF you always have the feeling your peeking through a hole in a fence. My favorite format is fb2, which is a very simple xml based format. You can get surprisingly many books in fb2 nowadays
. And with a short perl script you can convert Gutenberg books into fb2.
So what I can say is: the books were good and the device did not get in the way.