Firstly, I do work for Kobo, so my views could be seen as biased, but hopefully they won't be.
My first eReader was the original Kobo, and I rather enjoyed using it. It's still going strong, now in my Mother-In-Law's hands and she seems to enjoy it too.
I now have a Touch and I'm happy with it. I read on it daily during my commute and haven't had any real issues with it. I can read on it, and that's what it's all about.
You could say it's partly ironic that I like the Touch as I'm actually on the team responsible for the iOS application, so you'd expect me to use the iPhone / iPad version of the app, but I don't. I personally find the iPad too heavy and a bit too large, and the iPhone a little too small. Perhaps the rumoured iPad Mini might be in the sweet spot, size wise, but I think I'll still stick to my Touch.
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