I think the one thing I read in a Kobo review that would be a deal-breaker for me is that you can't type in a specific page number to jump to in a book. Normally, you don't need this feature, but if you're switching between devices (e.g. reading the same book on your read and iPod Touch), or you want to skip back a few chapters to check on a mystery clue, you *really* don't want to have to page back or forward one page at a time for 20+ pages. Otherwise, the Kobo reader looks great!
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