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My 350 takes about 1 minute to power on with a library of 300 books, so I would say that the time you are experiencing could be possible. After resisting for a long time, I, like carpetmojo, leave the reader in sleep mode.
If I take a hit to battery life, it seems to be negligible and I've long ago gotten use to it. On a full charge, I can place the reader on sleep mode and return after a week or more retaining a full charge indication. I now rarely turn the device off.
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