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I have a Kobo, and yes it is great for library books. And the Kobo store has a good selection (of current books). But check the availability in your library of books you like.
Our library has many books I'd like to read but (for example) I am 17th on the waiting list for The Girl with the Dragon Tattoo. They have 10 copies, but each can be checked out for 3 weeks plus 4 days for the person to get the email and download it. And I'm sure many people don't even know you can return a book when you're done with it (in ePub format). So I will be waiting a while or coughing up the $7.99 plus HST that Kobo wants for it.
But I now have 10 unread books that I've borrowed from the library, bought, or downloaded for free (or near-free) so I'm not in dire straits yet!
I would guess that the price of the Kobo has to come down from $149 so you might want to wait a few weeks if that is your choice. (apparently it is $128 in Walmart in Canada; haven't seen it myself)
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