If only it were $10/month. There's the cost of the books which we have been debating and flaming each other over for a month or so (or longer).
Further, if this expensive device lasts only three years, then the paper-pushers will have yet another reason to point out the failure of e-books.
However, if I only have to wait two or three years before someone decides to unload their Reader for the new e-hotness, I'll be eagerly waiting to snap it up off pricegrabber, freecycle, or ebay. ;-