I've owned iRiver devices in the past because they were geeky items that allowed possibilities other similar devices did not. Some of the options didn't work perfectly, but it was nice to have them, and the quality was quite good enough. The iHP-xxx was the most flexible consumer music player/recorder of its time unless you count the ill-fated Neuros.
I don't find there are enough geeky perks with the original Story. Its format and character options are offered with other e-readers as well (though not the Kindle, obviously). The Story HD looks far more interesting to me and the screen resolution sounds inviting:
Engadget Piece and Video on the Story HD
What about the latest Sony readers? From what I've seen, Sony readers tend to have much better customer service/tech support and be better made than the Story, and Sony's usual protective measures don't intrude on format flexibility because their publishing catalog disincludes books.
I've had direct experience with iRiver's customer service and I can verify that it is truly bad, at least for people who happen to live in the States. They make it difficult to return a defective item even when they've sold it to you directly, and even after you've gotten your confirmation number and followed their steps for returning the merchandise, there's no guarantee you'll ever receive a replacement. I had to raise a huge stink on a prominent audiophile forum to get them to even acknowledge my return.
I do love the fact you can increase the Story's memory to 32 GB.