I have used kobos with both black and white frames. Did not notice any readability differences but I have started reformatting the books to reduce the margins to zero which increases the amount of text on the screen but also brings the edge of the text blocks quite close to the inside edge of the kobo's frame. In these circumstances the frame of the white kobo looks like the margin of the page and improves the look of the page, in my opinion, but as far a readability goes -- not much difference.
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