I don't think e-readers have improved much since the 650. The main drawback is the lack of wifi. A front-light is debatable. A lot of people still prefer a clip-on light. Screen def is more than adequate on the 650 and it's pearl like most e-readers and the new carta screens look the same to the eye. Nah. E-readers haven't improved much if at all since the 650. The biggest advantage I can see in a newer reader is the font customization in the Kobo's, and that is just software and can be done on the 650 with a bit of know-how.
Personally I use a Nook ST (rooted) which I like, but I used a 650 before that. You might want to grab a cheap Nook ST as a back up for the day your 'new' 650 breaks.
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