Since the Nook STR is Android based, as long as you can root the device, you can load dozens of different reader Apps.
For example, FBreader is free to download from the Android Market and will handle text files.
Even without rooting the Nook STR, B&N may make some of the more popular reader apps available through their own B&N marketplace (as they do now for ezPDF and RepliGo on the Nook Color.)
It may take a little while before some of these 3rd party Apps are tweaked to look their best on the Nook STR's eInk screen, but when they are, I have little doubt that they will give the Nook more options and better capabilities than the Kobo.
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