I have both Tolino and Kobo devices.
The Kobo reading software offers slightly more fine tuning of the page presentation, but I feel that is probably offset by the 300 dpi screen of the Tolino (my experience is that a 300 dpi screen is nicer/sharper - I tend to use a fairly small font and like clear edges - but 212 dpi is ok).
Kobo integrates better with Calibre (if that is a factor) but it is possible to set the Tolino output in Calibre to give you a degree of control over organising collections on a Tolino.
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