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If you get a PDN, I recommend getting the 7 inch white model. If you use sales/rebates/price matching strategically, it will cost you from 100-140 bucks. You'll need to hack it. Very simple to do with the instructions on Slatedroid.
If you pay a little more, you can get the IQ, which has the benefits of physical buttons (instead of remapping to the volume buttons), a metal case, 2 year warranty, and manufacturer support. And you won't have to hack it to install apps. Probably the best way for most people to go.
I will say this though: I bought my PDN as a reader and I could not be any happier with it. With the newest version of the firmware, its stock reader handles ePubs and well-formatted PDF books extremely well.
But the big reason I got it was for a large selection of old scanned books. And with the Adobe Reader 10 app, I can read those extremely well in landscape. I had considered a NookColor or iPad, but am delighted with how well the white PDN handles them.
Last I heard the IQ couldn't install that version of Adobe, but I don't know if that is still true (with the PDN you have to install a hack to do it.)
But the thing to know is essentially they are the same machine and a great value. The IQ is probably a good buy out of the box. The PDN is also a good buy out of the box as a reader, and a great buy if you're willing to put in a little work (or rather, play).
I love mine and I think the IQ people sound very happy with theirs.
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