I received my Hanlin yesterday and like Krytes I'm pretty impressed with it. The screen is great, much nicer for reading than my PDA was. Entire family commented on how easy it is to read.
As with Krytes, the biggest pluses are the wide format support, file folder support (this is a major plus imho) and SD support. I've also found having the 10 buttons handy for the "goto page" option and ease of bookmarking.
I've had a play with all the various formats including mobi-pocket with the latest firmware and personally I like the fb2 format the most. EPub is nice too but until there's some automated tools for conversion I'll be sticking to fb2. oeb2epub.py does convert some of my books, but there's quite a few formatting issues especially around some special characters.
Mobi-pocket does look nice, but until the page turn speed gets closer to the 1 second the other formats take, I don't see me really using it. Which is a shame as mobicreator makes converting from oeb to mobi really simple. That said, I'm hoping epub tools will emerge in the future which will then make it my format of choice for all my books.
I also had a go with converting a few files to the wolf format, but the text didn't make full use of the display. For some reason about 5-6 lines were left blank at the bottom, with the text on the next page.
For conversion software, BookDesigner was my first attempt, but it turns out you need MS Word, I use Open Office, so that's a no go. There are two other converters though,
Any2FB2 and batch2fb. Google translate the page and you'll see which are which.
CHM files were surprisingly readable, which is handy as I've plenty of reference manuals in CHM format.
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-The page-turn speed still isn't great, although that can probably be said for any e-ink reader. It's less of an annoyance if I use the smallest or second-smallest font, so page turns are kept to a minimum.
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Aside from mobi-pocket format, I don't find the page turn that bad. It's under a second, which if you hit it just as you're reading the last line of so, by the time your eyes have moved to the top of the page it's ready. It does appear that different file formats take different times to page flip though.