First of all forget HD. Carta is fully worthy of the 10 €/$/£ the H2O cost over it. No decision here. As you can see in my signature I own both and the contrast ratio difference is very noticeable.
About dictionaries:
+ Yes, dictionaries do not work in PDFs in Kobos. I don't know in Kindles.
+ But they perfectly work in any kind of epub/kepub. It doesn't matter if it they are directly bought and downloaded from Kobo Bookstore or if they are sideloaded by you.
+ Yes Kobo dictionaries are somehow weak compared to Oxford ones (the brand used in my old Sony). But I use them without more trouble (EN, ES and translation between them).
+ IIRC Kindles are the only brand which allow buying and installing (without "advanced" tricks I mean) new and different dictionaries. So I would say that Kobo is clearly worse here.
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