The thing about the weight is that if it weighed less, we'd all be complaining about the battery life being too short. For an LCD device with a 10 hour battery life, the weight is more than reasonable.
Having said that, it's still too heavy to hold up for any length of time. Whether this is a problem for you will depend on how you like to sit when you read. For me, I'm usually sitting or reclining, and I either have it on my lap or I'm holding it by the top with the bottom resting on a surface. For reading at the table, I use the stand feature of my Apple case.
Beyond that, it's all about tradeoffs. A Kindle will be a LOT lighter, but it's a very different kind of device. Personally, I found that when I was using my Kindle, I was also carrying around my iPhone for the other things I do on it. Now, I just use my iPad so I only have one device being moved around.
Of course, that only works until one of my preschoolers insists on playing a game... :-)
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