Finally got around to looking into the new kernel source / display driver for the new Aura, and it looks like a case of lazy programmer:
Code:
drivers/video/mxc/mxc_epdc_fb.c, Line 2427:
/* TODO: Support REAGL LUT lookup in conjunction with other LUT
* transformations. This code just overwrites other LUT options. */
if (bufPixFormat==EPDC_FORMAT_BUF_PIXEL_FORMAT_P5N) {
GALLEN_DBGLOCAL_RUNLOG(24);
fb_data->pxp_conf.proc_data.lut_transform |= PXP_LUT_AA;
}

So apparently they broke support for a unused feature when they implemented their new
Regal technology. I suspect this could be fixed in
drivers/dma/pxp/pxp_dma.c, Function: static void pxp_set_lut(struct pxps *pxp)
But who would want to flash a new kernel for that? Another way I can think of, would be to create a kernel module that contains the updated function, looks for the old one and rewrites a few addresses on-the-fly. Not exactly pretty either.
Edit: Or we go the resource intensive way and manually invert every redraw request that comes along.
@jiminrussell: Does invert work for Cool Reader on the new Aura?