The hyphen dictionary JSWolf refers to is not a word dictionary, it is basically a file which tells the Kobo when to hyphenate words - and it is an improvement on the standard logic. In fact, I use it on my Tolino, which has horrible default hyphenation settings.
As far as I am aware, there are no alternative word dictionaries for the Kobo.
The TypeGenius feature referred to by Geenween, is Kobo's advanced features for fine tuning font display. By default, it does not work on side-loaded fonts, but that can be changed if you make some alterations to the firmware (instructions can be found on this site).
I am surprised at the comments that the Tolino seems sluggish - certainly in navigation, changing page settings and in reading epubs my Vision 3 HD is quicker than both my Glo and H20. I accept the Kobos work quicker on Kepubs.
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