It's interesting how we differ as to what looks better. The good thing is we have choices. I'm glad I took a chance on the Kobo because I was never pleased with the font settings on the NOOK. Always wishing I could tweak it more. The darker densely packed text really resembles a paperback. Since it's not a crisp clean bold, I find my eyes tiring from looking at it. I don't have a problem using ereader apps on my tablet that render fonts similar to the NOOK. Perhaps it's because the screen is bigger and I'm able to spread the words out more.
The Kobo is easier for me to read with small fonts as well. Again, some fonts aren't bolded like the NOOK, but the letters are crisp and clean. Whereas the NOOK looks like the goal is simply dark text. I've seen many references to the Kindle having dark text that is crisp and clean.
Edit: Just discovered a font on the Kobo that makes the text darker than what is represented in the previous screen shot. This is Rockwell. I actually prefer this more than Amasis. It's darker but still clean. So, Amasis is darker on the NOOK for some reason. Maybe the NOOK is using a bolded Amasis.
If you like dark text, then you may not have to pass on the Kobo. Just choose a dark font (you can also import your own fonts!).