Well, there's a good reason custom applications are the primary software delivery mechanism for phones and closed-ecosystem tables. Web pages are slow, ugly, and inefficient: it's just that we're all now use to them, and desktop computers are so blazingly fast most of us don't notice how bad they are.
The kobo touch hardware is more than capable of running local software quite well - and for the most part the bundled software is not a terribly good example of what it is capable of (it is the one dropping input events or taking an age to hear them for example). The e-ink display is still something of a challenge, but it is what it is.
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