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Yes, it would be ugly and bulky. Like most open source software.
An even bigger problem is that it seems companies like Amazon lose money on the hardware, and make up for it in selling books. Which might explain why ebooks are not a lot cheaper than dead tree books, you're paying for the device in pieces.
That means it'd probably cost twice as much as a Kindle. If not more, because they would be produced in "small" quantities.
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