I have the U810 and read on it occasionally. However, I prefer to read on my Sony reader or GEB1150. I really only use it to read mobipocket books that I check out from the Fictionwise library and the selection isn't that great to begin with...
The U810 can be held in portrait mode for reading (I'll take a picture when I get home tonight). In this mode you only have access to the mouse and touch screen. The mouse buttons are in an awkward location when holding the U810 with your left hand. You will need to use the touch screen to navigate. Luckily Microsoft has a tablet version of Microsoft reader.
Most of the time I use the U810 as a web browser or portable video player. It works quite well for that.
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