The Kindle 3 wifi is simply a much better reader than the Kobo -- better screen, built-in dictionary, many more features, better bookstore, more content.
But its a mistake to write off the Kobo -- it's got great features and some exclusives which keep it in the running. It allows you to access ePubs, and DRM ePubs such as those at local public libraries. Its bookstore is actually pretty good in terms of content and has localised content, such as several hundred titles from Dundurn Press in Canada. It's cheaper: at $128 without shipping charges (in Canada -- drop by a Cahpters/Indigo) vs the $139 + shipping for the Kindle 3.
The best of both worlds: buy one of each and enjoy the merits of each and the exclusives of each. That was my choice.
