For me, the matter is not so much between color and b&w, but rather a dedicated reader and a multi-function device. It so happens that multi-function devices today are mainly in color (or vice versa?).
I read on my color tablet only when my e-ink reader is not within reach. Never read on the tablet long enough to feel any strain. I read for hours on my reader, and the only strain felt is by my kids and wife who have been abandoned meanwhile... ;-)
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