The account is used for purchases from the Kobo shop. Anything you buy from there is synced to any device that is logged in using that account. There are also Kobo apps for android devices and the iWhatever devices. The sync can happen to those so you pick up whichever is handy and start reading from the same place.
Any sideloaded books won't get affected by syncing with Kobo. Most of my books are sideloaded, but I have bought a few from Kobo lately and there are no problem with it.
Yes, the purchases are tied to an account. You can send a book as a gift on the site, but I haven't tried this. As you don't have a Glo yet, I would create an account for the friend. Set-up the device, buy a few books with it and sideload the others. When you get your Glo, log out of the friends account on your PC and create your own account.
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