Library selection - visit the link ATDrake provided. Do a search of authors you are interested in and get a sense of the selection.
Waitlists are the norm now for many popular/new/bestselling titles. You'll have 3 days to 'pick up' your hold (they email you when it becomes available) or you lose your place in line. Since the default setting is for 3 week loans, you may have to wait a while for your waitlist books (although you can also choose a 7 or 14 day checkout time, and you can return a book earlier than its expiry date from Adobe Digital Editions).
A Sony reader will work with library ebooks as they are intended to be used.
You could still read library ebooks with a Kindle if you are willing to learn how to strip the DRM and convert them to a compatible format.
If you decide the library selection fits your interests, you'll need to get a library card (it sounds like you don't already have one). The VPL has many branches so you shouldn't have a problem finding a branch to visit in person to get your card.
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