My mother has the Paperwhite and I would definitely say it has better contrast, but I personally find it slightly more comfortable to read the Glo. A personal comparison is a good idea, because we all have different ideas on what looks good.
I also think the Paperwhite has a slightly lighter page colour and a better rendering system for complex images. Highly illustrative covers on the Glo can look slightly muddy. The Kobo UI/graphics are very sharp and the fonts more softer/aliased than on the Paperwhite, which I think is a deliberate design choice. I'd describe the Paperwhite as appearing closer to a brand new modern print edition, the Glo as a slightly aged looking older edition. Screenwise, they're both beautiful - I think they differ in software rendering more than anything. The Paperwhite edges it in illustrations for me, and the Glo in fonts.
Overall, the Glo light wins for me - it's more evenly distributed and softer to my eyes, even thought the Paperwhite has a dimmer lowest brightness. I don't particularly like the lighting at high levels on either device, but I'd say the Kobo edges it. They both have shadowing (just found out that about the Kobo a few moments ago, they hide it cleverly), but the Paperwhite's looks hideous.
Have a look for these differences when you test.
As far as philosophy goes, the Kobo has the advantage of making it easy to sideload content from elsewhere and the store offers downloads in ePub format, which is an open standard. Amazon will try to lock you into future purchases from both their store and with regard to their hardware, but they do have the better shop. But, without being explicit (probably against the rules), the Amazon store being better isn't a problem for most Kobo users.
As mentioned above, there is the SD card slot on the Kobo. And finally, at least in my part of the world, the Kobo is also approximately 20% cheaper.
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