I live in Canada and purchased a HipStreet M701 a few days ago at Best Buy for $39.99 (Black Friday). All my books (about 300) are DRM free epubs downloaded from places like Internet Archive, ebooks@Adleaide etc and are all out of copyright. To load books onto the device you simply connect it with the (supplied) USB cable and drag and drop your downloaded ePub files to the root directory of the ereader in Windows explorer - the device shows up as a removable drive - it will show 2 removable drives if you insert an SD card. It can accept an microSD card for additional storage but comes with 4 GB which would hold thousands of books.
It has a colour screen so probably doesn't have the best battery life but I've found that it runs for a number of days on a battery charge - haven't had time to judge that fully yet. It is quite responsive at page turns etc - takes about 15 sec's to load a book. Has a list of books read recently so you don't have to go searching for what you're reading - shows, too, what page you're on in the list.
The only issues I've seen is in swiping up and down in the full list of ebooks loaded to move up and down - I sometimes hit the "delete" button when I do it on the right side (and then have to cancel out of the delete) and sometimes open an e-book when I scroll on the left side - that should be cleared up by a little practice.
I've been satisfied with the device (it's my first e-book - bought it because it was so cheap and is much better than the net-book I've been using) - so I'm, so far, happy with it. I haven't tried the other features yet but you can play videos on it as well as mp3's (also while you're reading). Mine came with Adobe Digital Editions so it should be able to handle those DRM's (I'm not up on DRM as I prefer older books - classics etc) - the website (http://www.hipstreet.com/7-high-defi...-media-player/
) says DRM enabled. Don't lose the manual as there is none on the website - I downloaded a blank Word Doc at the link).
Good value for the money!