I've had my 16GB Nexus 7 for a week now and as a reader it is great. I use the Kobo app mostly (I previously had a Kobo Vox) and have used Aldiko and the Google Reader. I previously have used the Sony PRS-600 reader. My wife has an iPad 2.
As a tablet the processor speed and graphics performance are wonderful. Compared to the Kobo Vox the touch screen is much better, but I don't know if it an issue with the touch screen or performance related. The quad-core processor seems to be great. I've downloaded some apps and they all seem to work fine (I also have an Android phone).
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