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I said flexibility, but I agree with multiple choices.
Price was overwhelmingly important until eInk reader prices came down into a range I felt was affordable.
Reliability would be big except that most models seem similar there. If gorilla glass lived up to its name, that would be something.
Then there's ability to obtain reading matter otherwise unavailable. This, and not a mild superiority over paper, is, for me, the reason to have an eReader.
Unlike most here, I consider being able to access text-based internet news sites seamlessly, most places in the world, to be a feature so stupendous as to trump ability to read books, much as that is appreciated. I can get lots of books in a convenient paper format at the local public library -- and almost any book if I wait for inter-library loan. But I can't get the Times of India there. Let alone an up to the minute Times of India. Cell-phone based free internet puts the Kindle 1, if you live in the US, and the Kindle 2/3 in most of the world, in a higher class than reader models before or after.
There also are significant differences between eReaders in availability of pay-for periodicals. I consider the Kindle-only New York Times Latest News Blog a killer app, although I think you can only buy it if you live in the US. The Nook and Kindle have much bigger periodical selections than Kobo.
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