This looks like the first device that I would consider using to read eBooks instead of my Palm.
But the critical questions haven't been answered yet:
1. What will it cost? If it's over $200, I don't think it will go too far.
2. What formats will it support? Which goes along with...
3. How much storage will it have? If it supports bloated formats like PDF, it will need a good amount of storage.
4. Will it allow editing of eBooks? Many of the eBooks that I use are poorly edited (even the ones I actually pay for! 8-) and I like to edit them on my Palm.
Since it's going to have WiFi, it would seem that it would be able to handle basic HTML at least. So that sounds promising.
What will sink this device faster than an iceberg in the North Atlantic:
1. Support for only proprietary document formats.
2. Mandatory DRM.
3. Proprietary access software (i.e. if it has USB connectivity, it ought to show up as a hard drive on my Linux system and not require that I use special software to send files to it).