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I agree that its ability to close and protect the screens was a huge bonus, and was a major selling point for me as well.
The registration wizard for an entourage account adds no functionality now that the company is down, so yes, it is not necessary for any functionality.
And you will need an adobe account to use any book that uses the Adobe DRM(quite a few now) you should have no problem setting up an account, though you may need to do a factory data reset(located in Settings->privacy->Factory Data Reset), though that will only remove user data, so it should be fine...
I hope you and your family enjoy it!
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