I can see the attraction of color, but don't consider it essential to most reading - maybe glossy magazines, but that is about it. Even the scientific papers, which I will predominantly read and increasingly use color, can be read in grayscale. So waiting 12 to 24 months is not very attractive.
As to the flexible screens, I personally don't get it.
Sure they are cool, but there is a trade off between size and functionality. There is the battery, the card slots, the WiFi antenna and the touchscreen to be considered.
Then, how robust will they be? I doubt they will be like paper in that you won't be able to fold them and stick them in a pocket like a magazine. If they roll up into a tube then you'll have to hold them open which sounds less comfortable than holding a book like hard case design. If they are the size of a piece of paper and don't roll up, you'll have to put them in a case to protect them in your backpack or case. I saw the man hit one with his shoe in the piece on Channel 4 that was on YouTube (if memory serves), but that was an orthogonal blow while the film was on a flat surface.
I can see the roll ups as add ons for cell phone, memory sticks etc, where you pull it out, look at it quickly and then put it away. For a long read, the old book form factor works so well that it is hard to think of a good reason to get away from it.
Convince me (us) if you can, but as was said above, the iLiad is such a quantum leap in the right direction that it would be a shame to miss out on it. (I should confess that I loved my Rocket eBook too, except that there was so little content... and at the time nothing like the pervasiness of pdf files in science.)