I really think it's more about the size of the bag rather than the weight of it, but I would say that it's quite stupid to read a format not adapted to your medium (well consider it like cursing at all flash website for ipad/iphone owner).
There is clearly some area where the ipad is vastly superior to the kindle, and others where the kindle is definitely the winner, but your choice, our choice is dependent on our priorities.
My priorities where to get a device to read e-book, smaller than my laptop (I think that the ipad is bigger than my laptop), with some optional development option for a linux laptop (and that is unfortunately for me where the Ipad currently fall short).
Of course I represent a very small niche, but our choice are hopefully dependent on our own needs, and not the needs of the others (on the other hand I'm recommending an ipad like device to my wife, does it connect properly to hotmail ?)
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