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IMO, no such device you seek exists. E-ink simply can't compete with a physical textbook. With a book, you can quickly flick and skim through the many pages to find exactly what you need. As fast as the refresh on e-ink is becoming, it is still too slow to allow the user to effectively do this.
As for PDFs and the like, they are a much better read on a larger screen. They do not always reflow well on a smaller screen. And the bigger e-ink devices like the Kindle DX and Sony Daily Edition are so prohibitively expensive that the iPad (or similar tablets) you speak of are not far off their price range. And navigating a PDF document is a lot nicer on a tablet, as is annotating one. The current crop of e-ink devices are designed primarily to read dedicated ebook file formats.
Keep your eyes peeled. I'm sure if you still require such a device in a few years there WILL be one to fit your needs. Technology is moving fast.
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