@ Elfwreck: I totally forgot about some of my favorite childhood books being public domain: Treasure Island, Sherlock Holmes, The Jungle Book... of course there's tons of stuff that a 10 year old would enjoy!
@Janette55: I would say go for it! I'd have loved to have recieved an ereader when I was 10. If you think he's old enough for a netbook, then he's old enough for a Reader. Impress on him the need to keep it in a cover, maybe buy a hardcase shell (or Tupperware container, which is what I do) to slip the reader into while transporting, and he's on his own!
Let us know what you end up deciding, my curiosity is piqued now.