I have both Sony prs300 and a Kindle 3, neither device has an SD slot, but from what I have read, access times using SD are inferior to the main drive. There may be better hardware out there now, but its worth checking how accessible your library is in practice if using an ereader.
Once I became familiar with Calibre (on my PC) I didn't want to access by means of the reader hardware, I just plug in the USB cable and all my books and research notes are immediately accessible, searchable and easy to tag.
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