I don't have either an Kobo Aura H2O or the Kindle Voyage--but I do have an Aura HD and a Kindle PW2.
Both are great readers, but for me the Kobo is the better reader. I appreciate the customisability of the Aura HD--the ability to adjust margin sizes, line spacing, and fonts. Being able to add my own fonts to the Aura HD is wonderful.
Where the Kindle wins out is it has a better dictionary. I've said before that I find the Kobo's dictionary adequate, but the Kindle's is superior--having much more detailed definitions (in the American English dictionary at least.)
Since I side load almost all of my books through Callibre, the availability of books is mostly a non-issue for me.
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