The MiBook is sooo close to being a true ebook reader it is sad. Other have mentioned the ability to play music display pictures and video files. None of this is new, these all features of any modern electronic picture frame. The addition of a battery and the ability to read a text file bring the MiBook very close to being a decent ebook reader.
The battery life while viewing a text file is not great but seems to be decent, the size and weight are acceptable, the page turning is smooth and I did not find the slight flicker to be tiring or detract from the reading experiencing.
There are only two things keeping the miBook from being a Sony or Kindle killer. This is the lack of bookmarks and the ability to navigate through a file beyond turning a page. This would not be a problem if you read a book from start to finish in one sitting. Without these features, forget it.
The mibook does not remember your position in a file you are reading so every time you turn it on and open a book, you start at page 1 and have to page through the book one page at a time until you find the last page you read. The addition of bookmarks and/or the ability to move through the file in mylti-page jumps would correct this.
Until there is an upgrade or a hack to address these two problems the Mibook is worthless as a reader, Great for looking at pretty pictures but...
I will stay with my Rocket eBook!