The Kobo One is roughly the same physical footprint as the H2O, most of the extra screen size was taken out of the bezel. So anyone who feels comfortable with the H2O will likely be OK holding the One.
I'm one the fence with buying the One, but with every day that passes I lean more in favor of it. That extra inch is very appealing, I'm not overly interested in the lighting features but they are intriguing.
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