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I own both and I can say I prefer my tablet. I read on my Nexus 7. It's not heavy at all only 11 ounces but it feels much lighter and I get about 3 days of reading before I need to charge which is plenty.
Since buying the N7.2 I have abandon eINK. My Kindles are just collecting dust. The text rendering on the tablet is just far superior to any Kindle I own. I use Moon+ Pro Reader app with Calibre Companion app and for me this is perfect!
Now to answer the question. You can get pretty much everything Kindle on a any Android device using the Kindle app. It now supports collections as well. You have access to the Kindle store through the app to buy Kindle content. There is one exception if you are Prime member and want to use Kindle Lending Library each month you must own a Kindle or Kindle Fire to do so.
I own both a Kindle Fire HD and a Nexus 7. I use my Nexus 7 and my Kindle Fire just sits on the shelf. I use my Kindle Fire for music mostly. I prefer my Nexus 7 to read on. I've been ill and these past few weeks my Nexus 7 has become my constant companion. It does everything I need it to do and it so small and light that I keep it with me at all times.
Of course if you plan to do any reading in the sun eInk is the way to go. Tablets are not good for that but for indoor reading they are my preference.
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