Not to be repetitive, but I posted the below comments over on Teleread a few days ago. Since the topic is getting more response over here, I thought I'd reiterate.
It looks to me like this was a study destined to fail. For academic purposes a larger screen, easier non-linear navigation, annotation capabilities and some way to share or collaborate are needed. Also, for many classes, color is needed. A dictionary lookup feature would be sorely missed as well.
This is not pleasure reading of strictly fiction. This is academic use, which has greater requirements.