My experiences have been more or less exactly what LG describes.
The only note I can add is that the Reader turns itself off (blanking the screen) after 60 min of inactivity, which probably helps reduce the initial ghosting when I turn it back on.
I'd also recomend putting your TXT file in Word or WordPad and saving it as an RTF -- the Reader seems to show me the same thing th PC does for RTF's, with smaller pages and no in-line pix, but the word wrapping effects are comparable.