What's your use? Lots here will bonk this because it doesn't fit their usage, but I find a netbook makes a fine reader. Of course I carry one for other reasons and if your only use is as an ereader then it's probably not only too expensive (particularly with the extra batteries to get a full day's use from it-full day meaning a little over 8 hours in my case) but also not convenient enough. But it is flexible-not only handles PDF, CHM, and Mobi, but all other formats I can think of also.
For portability I read mobi on my Palm, but the screen is pretty small.
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