Nigol, thanks for the answers.
The lack of both collections and folders is disappointing, but not a deal breaker. At least it won't scan the memory card every time like my old Sonys did...
In the event that anyone has tried a Kobo Touch with a library in excess of a few thousand books, how well does the search function work for locating a particular book or author? (I can't see myself scrolling through 30k books to find one, and with no folders or collections to organize them, a good search capability would be necessary I think)