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I owned the Nook Touch and Kobo Touch and kept the Kobo. Sideloaded epubs work on both devices, but the Nook does an awful job with pdfs, whereas the Kobo has a zoom function that works okay. With formats like txt, it's fairly simple to convert them in Calibre. If it's important, the Kobo has a decent web browser, much easier to use than a Kindle one. Kobo is moving into Europe with the Touch, and those in Australia have ordered through Borders, so they might have the advantage for overseas buyers. I found the Kobo much more comfortable to hold and use, which is the main reason why I returned the Nook, but that's a personal preference. There are a number of video reviews out now for both devices, so you can see how they work in actual use.
There haven't been any battery issues that I've heard of, the main complaints have been ghosting, since both devices don't refresh until after 6 page turns. The good news for Kobo is they just came out with a firmware upgrade that allows you to set the number of page turns before a refresh, they added better touch screen responsiveness, and they're working on adding more font choices. Then, in terms of price, you get a $10 gift certificate when you download the Kobo desktop software to set up the Kobo, so that makes it $20 cheaper, depending on how you buy it.
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