I have the exact same problem. In fact, yesterday I was looking at a kobo at a local bookstore, and I was almost shocked to see it completely outclass my $400 Irex (and really disappointed). I have about 15 epubs, and a thousand or so PDF articles). I'll remove the articles tomorrow, and also force a re-index. If that does not work, I'll try reapplying the upgrades from scratch as suggested above and report back. I hope something works.
PS: I believe that this has nothing to do with SD card speeds. I plugged the same SD card into my Entourage Edge and had no problems (I converted my Entourage Edge to operate from the external SD card rather then the internal one). So if it is good enough for Android, I'd think it'd be good enough for IREX.
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