The Sony Reader is usable academically, but it will require more work on your part to make it so (and it really is an excellent device.)
A lot has to do whether or not you are actually using the texts in class. I've a history minor, and generally found that I wasn't using the texts in class - and if this is the case, being able to search isn't as important. However, if you scan your textbooks in you'll want to keep the page numbers and if you don't, you'll need to find a hard copy of your texts if you need to cite them since the real pagination isn't present.
With the frequent use of bookmarks, I think the benefit would outweigh the costs.
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