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I was asking myself the same question a bit ago and decided to go with the H2O after only using Kindle e-readers before. Saw that the H2O was almost the same resolution but a slightly larger screen which was a plus to me, also the ability to read epubs was something I wanted as well as being able to use a SD card was a big deal. (Actually have had to remove books from my Paperwhite due to running out of space so it's nice to be able to stick a big SD card in there and not worry about it again.)
Didn't really care about the waterproof thing, don't plan to read in the shower or anything but I guess it's nice to know that some freak accident won't kill my device. Also it is cheaper. Only real reasons I can see to go for the Voyage instead are if you aren't satisfied with the Kobo's online store (I sideloaded most of my books anyway so it's not a big issue to me) or if you don't consider the pixel density of the H2O to be good enough for some reason and would prefer to cram the same amount of pixels into a bit smaller of a screen. (Which some people might like I guess, I preferred the larger display over the smaller more dense one but it's a subjective thing.) I think the H2O is also a little bit bigger and heavier but haven't really confirmed that, just do know it's a bit thicker than my Paperwhite is.
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