The Kobo software does a good job of displaying PDFs. The problem is in navigating and performance. If you have a PDF that is sized to match the screen size, and do not need to zoom, it will be displayed very well. And tapping will turn the page. But, if the PDF needs to be zoomed, navigating around the page and between pages is clumsy.
Performance is the other issue. The devices are designed to be low power and hence have low-end CPUs and not much RAM. For small, simple PDFs the performance is probably acceptable. The larger and more complex the PDF, the worse it get.
This has been the case for all the time I have been using Kobo ereaders. There has been no real changes to how the Kobo firmware handles PDFs. I do not think Kobo have any plans to change this. So, do not buy a Kobo ereader for PDF reading thinking that it will improve. It almost definitely won't.
I don't use Koreader, so I won't comment on it.
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