As for PDFs I actually like what I've seen so far and this is why I am considering buying. I read a lot of technical PDFs that are often really shitty when it comes to embedding text. Three columns and the embedded test is the first line for each columns, then the second line for each column
Figures and tables get lost. Font size changes in the embedding. Total crap documents. So I like how the Kobo Touch shows me the document as is, lets me go landscape, zoom into a column and lets me navigate with tap and drag.
This being said, I did need to read a PDF document with decent embedded text and I had a Nook Touch here for two days. It was absolutely awesome to have it reflow to an epub style ebook.
So here's what I'd like to see. Keep your current PDF reader as default. But put a reflow option in its menu. This would be the best of both worlds.