It's simply not a finished product, thats why there are features missing. The educational software on it is nothing special, they've put it on the device so that people don't get too angry at the lack of basic features, i guess
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At the moment it's not good especially for studying, because it lacks things like annotation, page rotation, note-taking, text recognition, browser etc.. On the other hand, for simple reading of ebook formats it's pretty much your average ebook reader, feature-wise.
The device was advertised as something much more than a device for reading ebook formats, so at this stage you can't really know what the device will look like in 2 months.
The screen needs more light to reach the level of eye-friendliness that black and white eink screens have, that's true, but for that you get color.