I don't think I've read 8 hours straight ever. On paper, eInk, or LCD. But I have read for a few hours on my iPad with no problems-and before that, on my iPhone. And way before that, on my Rocket eBook. All LCD.
And why would you think development has stopped on color eInk devices? The technology is still being worked on-it obviously isn't a trivial problem to get it right. Lots of research being done on new screen technologies...I highly doubt everyone ends up on LCD.
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