My Android phone (Xperia X10) is my preferred reading device. Small enough to hold in one hand. Volume up/down buttons hit my hand in just the right place and do the page turning - in fbreader, at least. Backlit, so it's easy to read in bed. Always in my pocket. Needing lots of page turns doesn't bother me since the volume up/down are in such a natural place. And in most of the places I read, I can keep the brightness down to a level where the battery lasts long enough.
With that said, I also like each of my other readers. Sony PRS-300 and Kindle are eInk for when I am in bright sunlight or need really long battery life. Old iPaq PDA isn't used as a PDA anymore but is great for the gym where I don't care if I sweat on it. Rooted Nook Color is my tablet, and is great for taking notes at conferences/meetings.
But if I had to pick just one, it would be my phone.
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