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The Readius doesn't sound at all like a good choice to me. The biggest issue is the screen resolution, which is only quarter VGA (ie 320x240). On a 5" screen, that's going to result in awfully "blocky" text. Compare to LCD screens of a similar size which are generally 800x600. Another issue, as you mention, is that no support has been announced for any popular eBook format. It sounds like a complete "non starter" to me, I'm afraid.
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