The meters do seem to be a bit inaccurate for the first couple of cycles, but they seem to sort themselves out pretty quickly.
A couple of things to keep in mind, and one to check: the Reader still uses power even when it's "off," unless you use the "full shutdown" option (or something like that, it's in a sub-menu of the the utilities menu -- a good thing to use if you know you won't be using it for a few days); because of that, leaving the display "on" doesn't use any
more power than not doing so; and you might make sure you don't have an audio file playing in the background somehow, that'll run the battery down right quick, real fast and in a hurry -- I finally just deleted all audio files off my 500 just to avoid that issue.