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Can I suggest you add a more descriptive title?
Also, most of your questions were answered in other threads already. It does not seem like you did some research on your own at all.
Reading 2-column PDF files:
It does definitely work; you have the option to cut margins such that the text is enlarged. Also, there is something called "2-point-zoom", which allows you to zoom into a specific part of your PDF (and maybe cut the header or the footer of your document away, if you don't need them). In the future "column reading" is supposed to be implemented, as far as I remember. That would allow you to read your document column-wise (top left, bottom left, top right, bottom right, next page).
Annotations:
Right now, I would not use the device for annotations. It simply is not as fluent and quick as you would expect if you were to work on your computer or with paper. However, some users here seem to use it and the firmware is actively developed to improve this part. Again, you should check other threads in this forum for that.
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