I think Akbar nailed it. I have the H2O and also bought the Aura One. Personally, I prefer the larger screen and the flush bezel of the A1, but it is somewhat harder to hold without turning pages, both because of the narrower bezel and the non-IR interface.
I would not upgrade for screen resolution. I think the A1 has slightly worse contrast, although font weighting mostly compensates, and the "new" feature of natural light (without the blues), at least on my device, is pretty blotchy. Even without natural light on, unless I have brightness up high, there are cones of shadows at the bottom of screen.
Bottom line, I have asked Kobo CS for an exchange or, barring that an RMA, and am still waiting to hear back (since Friday). But even if I get the RMA, I might still hold on to the A1. For reading at home, I really do like the larger size and all the flaws cited above really only come out if you're comparing it side-by-side to another device (e.g, the Kindle Voyage, which I also have, and which is by far the best screen/contrast). It is also delightfully light, given its increased size.
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