I also took a look at my recently read books and some of my wish list and found that not a single book was cheaper on the Kobo site, and some were as much as 367% of the Amazon price ($3 vs $11). I didn't go through my entire list, but at best they were ~$0.25 more expensive -- not a single book was cheaper on the Kobo.
As nice as the hardware is (except for having far too many font & margin options [inside joke, sorry]), as a price sensitive consumer it would be hard to choose a Kobo given the discrepencies.
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