Hello. My first e-reader is a Sony PRS-650 so, although I cannot compare with other models, I have had my appreciation for this awesome little Sony reconfirmed by reading this thread.
I actually had no idea that other readers were so restrictive about supported formats. I, like some others here, use the reader for a variety of texts and documents, including my own writing. This freedom seems a great advantage to me.
It is true, as Ea mentioned, that the Sony touch-screen keyboard is not exactly intuitive. (There is a sort of delay.) The Kindle, for example, would be superior in this regard. And even if you were to touch-type out long notes with the Sony, it restricts exportable notes in DRM ebooks to 100 characters (1000 in those without DRM).
But the reader isn't for typing. As DougFNJ put it, "I like my technology to be compact and versatile," and this model is sleek. It's light weight (215 g / 7.58 oz) and feels almost hand-crafted - artesenal. The touch screen may not be great for typing, but it really makes highlighting natural and simple. It also reflects very little light, reducing glare.
In addition, despite it's disagreeable price, the PRS-ACL65 - the black protective cover with reading light - is a brilliant accessory. In fact, it's really part of the design. Not only is it elegant and seamless in the way it attaches to the reader, and the way the light tucks away so easily when not in use, but it also adds a finishing almost nostalgiac touch to the reader: with the cover on, it really looks and feels like a small book.
Anyway, I vote Sony!