I didn't like the fact that you had to setup a Kobo account over the internet even to use the reader. It wasn't a deal breaker but made me kind of twitchy. It seems to give Kobo more power than they are entitled to to gather information.
I am not to worried about being ereaderless as I have several, but seems a bit arbitrary. Even my mother's kindle could be used out of the box although it had to be registered to use collections.