i have a sony 700 which has a touchscreen, and an eb1150 which also has a touchscreen. the eb1150 can only read its own proprietary format but it can handle hyperlinks. on the sony i read epub files and those can handle links as well ; very useful for end notes, etc. : one link in the text for the note, and a link at the end of the note to jump back to your page in the book (otherwise you can use the "go to page" function but that's 2 button presses instead of one, so i try to add the "back" links if they aren't there already and there aren't too many of them).
also, the rss feeds (including from a news site) made with calibre use hyperlinks for navigation and they work very well too.
oh, and we call them "liseuses".