I personally have both an ereader and an ipad. I bought the ipad for school (reading pdf's, study apps, etc) and ereader for well, reading. I did try reading on my ipad, but I just didn't like it as much as reading on my nook. I thought it was too heavy and awkward to hold and after a few hours my eyes were strained by the lcd screen.
I can definitely see many reasons to have both and ereader and a tablet and I don't think tablets are going to kill ereaders!
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