Plenty of comic apps available on both Android and iOS that can read cbr/rar, cbz/zip and even cb7/7z natively. No need to convert or anything. For Android, I like to use Perfect Viewer. For iOS, I'm very happy with ComicGlass.
As for device, the iPad 3 with retina is great as far as the display goes. The 4:3 aspect ratio lends itself well to American comics. Alas, the cheapest option ($499) won't be able to hold a lot of comics. Heck, even on the 64GB iPad, I constantly have to juggle content. On the Android front, the Transformer Infinity is my first pick.
Unfortunately, both these devices are a bit above your price range. The iPad 2 isn't a bad option but given the lack of memory expansion, an Android tablet with SD card slot would work much better, I think. Perhaps the Asus Transformer TF300?
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