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I have both a K3 and a K4. The K3 was my primary ereader for over a year. Then the new models came out and I thought about replacing it with one of them, because they were smaller and didn't have the keyboard (which I've always hated). Finally in April, I got the K4. I chose it over the K5 because Walmart had it on sale for $49. Now it's my primary ereader and the K3 is a backup that I sometimes loan to family. I'm sure I'd be just as happy with the K5; but at half the price, I couldn't pass up the K4.
The smaller size of the K4 is really the biggest plus and I'm glad I switched. The only feature I miss from my K3 that the K4 doesn't have, is the audio player; but it's not that big of a deal. I use the default font and text size; and I'm quite happy with those settings. As to features like bookmarks, underlining, highlighting, dictionaries, etc; I don't use them. I never did it with paper books and see no need to do it with ebooks. That said, I have no idea what features the K4 supports, nor do I care. It does what I need it to do - read.
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