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I have an XO from last year's G1G1 program. It makes for a passable ebook reader, but it is by no means great. First off, it is quite heavy -- enough so that reading becomes fatiguing if you don't have it resting on something.
In black and white mode, the LCD is very sharp but has low contrast; it's fine in sunlight, but is pretty much unreadable indoors. That being said, the LED backlight is nice and bright, and the ability to view in color is also useful. The caveat here is that the resolution drops when you kick in the backlight.
Power management has only recently been added. I haven't benchmarked the latest software release, but battery life is probably somewhere in the iLiad v1 to v2 range.
Anyway, long story short: I just picked up a used iLiad off the forum. If anyone is interested, I can take some side-by-side photos when it arrives.
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