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There's a page slider that allows you to jump anywhere in the book. Also, you can now add multiple bookmarks to your book by touching the upper right corner of the page to dogear the page. This will allow you to easily jump back and forth within a book. You can do this with Kobo epubs and with sideloaded epubs.
You can also (with the most recent firmware update) annotate both Kobo epubs and sideloaded epubs.
I haven't read any books that use footnotes, so I can't comment on that.
Oh, and the touch handles PDFs better.
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