I have the PW Kindle with no offers (I originally ordered it with offers, but bought out of it yesterday). I have the cover that comes with it (black). Currently, I have the lighting set at 18 (on a 0 to 24 scale) and I am using the Caecilia font on the fourth smallest size. I've never had a Kindle with the touch function; the only other Kindle I have is the fourth generation one (the Kindle NT). I've owned other readers, so I am very familiar with e-ink and screens.
I love my new Kindle Paperwhite!
Yes, there is a bit of the shadow effect from the LEDs, but it is mostly dissipated before the shadows reach the bottom line of text. I've been reading my book for about an hour and I do not notice the shadowing affect. The page turns are fast and the "black flash" at the fifth (sixth?) page turn is nothing unexpected. It's normal behavior for me.
I got it for the light as I was tired of trying to use book lights or find adequate lighting to read. TBH, I had kind of given up reading with an e-reader because the screens were so dark. I was doing most all my reading with the Kindle app on my iPhone or my iPad. Now - I believe i will go back to using the e-reader at home while using the phone solely while out and about.
The cover is a marvelous thing, also. It easily folds back behind the reader and stays there. The coolest part is how it's like my iPad: when I open the cover, I go immediately to where I last left the reader. So, if I am in a book, I'm right back in it. Very convenient (and I don't have to push any buttons).
My biggest hardship is getting accustomed to the touch interface. As I said, I've not had a touch Kindle before; my only experience is with the iOS devices. And, the touch is just different enough that it throws me off. For example, on an iDevice, touching the middle of the screen usually brings up the menu. On the PW, it turns the page. But, I know that it's just a simple matter of learning how to use the device.
The only thing that is not working as expected is the sync function, as others have said. I rely on sync to transfer between my iPhone and the PW. I hope it gets sorted out soon - or that I can get it sorted out. But, for now, no matter what I do (to include de-registering both the iPhone and the PW), it won't sync. It's rather annoying, but until it's fixed, I'll just learn to remember locations.
Other than that - I am quite pleased with my new reader and am VERY glad I got one.
Marilyn
P.S. Forgot to say that the firmware is version 5.2.0 (1729740065). And, it's a WiFi-only Kindle.