I have owned several Kobos and still have a Kobo H2O. I own a Tolino Vision 3HD.
My opinion is that the Tolino reading software is rather basic but the Tolino has proved a nice, lightweight, reliable reader. Battery life is slightly down against my Kobo experience. If you use Calibre, it is possible to get some management of Collections on the Tolino.
I like the added features of reading Kepubs on Kobo (though I know many hate the "wasted" screen space), but I found the H2O too big for me and I got fed up of persistent database corruption issues (my Macbook became increasingly temperamental when talking to my several Kobos resulting in sudden, faulty ejection of the Kobos, but I don't think this is a common problem). Calibre's management of Collections on the Kobo is better.
I must qualify my comments by saying that my day to day reader remains my Energy Sistem ProHD. Even though its 212dpi screen is not a patch on the lovely Tolino 300dpi, I find the combination of ProHD + Calibre Companion + AlReader my most complete reading experience.
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