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I think the best about the eBookwise reader is its price!
For US $99, it is hard not to visit their page and order one of these gadgets. On the other hand, if you already own a PDA with a decent display (at least 320x320 resolution), I think you can also live without this reader and still enjoy reading e-books. But heh! I could be wrong, since I have never seen the eBookwise in real live action.
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