Soondai ... I still use the 8-6-2010 firmware with the basic hack and the notification bar hack and I've added the apps I want/need. I haven't tried any of the alternate firmwares that other users have put together. (I may try the Android 2.2 one if they ever get it finalized). The newer PD firmware updates don't seem to add much functionality and I am not having any problems sooooo ... if it ain't broke, don't fix it.
I use my PDN solely as an eReader 99.5% of the time. That's what it was originally designed as and it works just fine in that capacity. I even use the PDReader app over any other. It suits my needs okay and has some features that I like over others like Aldiko.
I only use the "tablet" functions of the Novel very rarely. When I do use it to check e-mail or some light web-browsing it is slow and there are some quirks ... but I knew that going in. I never expected to pay such a low price and get a Ferrari. For the ridiculously low price that I got the Novel for, it was and is a great device.
Again, I got it to use primarily as an eReader, not a laptop replacement to use streaming video and audio, etc.. In that capacity it works just fine.