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Personally, I think the truth may lie somewhere in the middle - but considering the rave reviews (on the whole) the Aura One has got, and the fact that as far as the average consumer is concerned ebook readers are a two horse race (Kindle and Kobo - and even then more people probably know of Kindle then Kobo) I don't think its likely there is any other explanation here than demand.
Kobo, not being as huge a known name in the ereader market as Kindle probably aimed their sales estimate low - even they said themselves they weren't sure that the device would be a hit. On the whole, the 6" size factor dominates the market and my guess is between the two new devices they probably made far more Aura '16's then Aura One's - and are now possibly kicking themselves that Xmas is coming and their stock numbers are low.
I've never understood the tribalism about tech. Kobo vs Kindle, Android vs iOS. People vent about issues yes, but then you get the tribalism playing a factor.
And funny you say about the H2O - I went from an H2O to an Aura One as my Xmas upgrade. So far, I am very very happy with the new Kobo.
Its not perfect, true. I'd like some changes but on the whole I get really good mileage out of my Kobo's and they get well used.
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