Well, I side-loaded 3.0 on my Touch a while back, and I gotta say, I'm impressed.
1) PDF handling is much, much snappier. Paging through my Shadowrun 5th Ed book is a breeze now. Zoom-ins and zoom-outs are almost instantaneous, opposed to taking seconds to accomplish with 2.6.1.
2) Annotations work perfectly for books on the SD card. My weird "all pages before the bookmark are dog-earred" bug is gone.
3) I like the new home page. I especially like that the current book shows the number of annotations and gives you the option to go right into the list.
4) Image zoom in kepubs is kinda neat. I saved my local newspaper as a kepub, and I could zoom in on the non-text pages. Pity they weren't of high enough resolution to zoom properly but hey, that's not Kobo's fault.
Problems:
1) Cover management is severely messed up. I can't do full-screen covers of side-loaded material at all. Sometimes the covers of Kobo material vanish and won't return unless I turn on wi-fi. Smaller covers work... most of the time, but when I turn off they often use oddly low-res versions.
2) Still haven't fixed annotations for stuff in main memory.
All in all though, the benefits have far outweighed the drawbacks for me.
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