[ProDigit]

I'm in the same boat as you.
I recently had my Kindle Paperwhite 1 stolen, and now am looking for a replacement.
The Kindle Paperwhite 3 would be a logical successor, but I feel I don't have enough of an upgrade to warrant another $120 something...
Sure, it has a better screen resolution, but despite the Paperwhite 1 being my favorite e-reader, there where a lot of things I didn't like about it.

1- It was a simple OS, without many expandability options.
2- It was very format-dependent, meaning, could read only few formats.
3- Didn't have a (micro)SD card slot.
4- For my big hands, I always thought that the Paperwhite always was a bit too small. It never could display the same information in the same way as a real paperback. It always seemed as if the screen was too small to fit a real book's info; or the font size had to be reduced.
5- The glow light could not be turned off completely, unless through a hack.

It may sound funny, but I never really used the glow light, save at night; with settings between 1 or 2 lines to about 33%.
Raising it to the max, the Paperwhite didn't differ that much from my tablet or phone in brightness.
Often I found I didn't need the glow light; and no matter how little power the leds where drawing; I just simply couldn't live with the knowledge, that they where drawing milli-Amps of power away from my batteries, probably hours or even days off of my recharge times...
It's the kind of thing where you see 4 items in a row, but number 3 is angled in a slight odd angle... The urge to place the item correctly...
Thankfully back in the day, there was a hack out for the Paperwhite. I fear it is not yet so for the PPW3.

There's one more thing I really like about the Voyager that the Paperwhite 3 doesn't have:
That fluent e-ink motion.
Most other devices are a bit choppy and laggy, while the Voyager is more fluent.

So the pros for me (water resistant is not really an issue for me), would be:
The voyager: Fluent e-ink motion.
THe H2O: The screen size I like for reading books; but it has an older OS technology, and it's price is still about $25-$50 above what I would like to see on a device like this.
And it does read a lot of free open source file formats, like my beloved EPub.
The Paperwhite 3: From the slower screen (like the H2O), to the few supported file formats, to the smaller screen size; the only thing this device has working for itself is the price.
In fact, if it wasn't for my Amazon Prime account offering plenty of free books, I would probably go with a cheaper Kobo HD instead.

Just like you, I'm at a struggle, hoping the Aura H2O will drop somewhat in price on black Friday.

This will be the first time I'll wait until black friday (1 week away), to make a purchase.
I wanted to buy things now, but realize if I could potentially save $10-$25 in one week, I will!
In the mean time, research!

I had good hopes for the Voyager 2; but aside from some Google page someone created,there is no real news about the device at all. Neither on Amazon, which usually would put the device for pre-order 30 days before releasing it.
I would think if they will release it, it'll be for the holidays.
I figure, I'll buy one device on Black friday, and if the Voyager 2 specs come out, and I like it, I'll make use of that 30 day return warranty of Amazon.