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Since books are not a fungible commodity, for me the big question is which device best supports me getting the books I want to read. If they were, I could just read free, Public Domain books for the rest of my life and never worry about a book store. As it is, I read a lot of newer releases. I'm a public radio junkie so I hear some interesting author being interviewed and I would often trot right out and get their book. That meant I used to buy a lot of hardbacks. Amazon's $9.99 new releases were really attractive for me. I also wanted the search, annotation and dictionary lookup features, but if those aren't a big deal to you, the Sony is cheaper and, IMO, more attractive. (Cybook also has dictionary lookup, by the way, as well as support for user-loaded fonts.)
If you are going to be buying books that have been out awhile or stuff like SciFi from Baen's, then the Kindle may not be as attractive. The price evens out over time at places like Fictionwise and Baen's is just really reasonable all the time. If your local library has an Overdrive service with lots of ebooks you want, then Sony has an advantage there, too. They have a lot more DRM-ed PDF than they do Mobipocket.
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