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I had written a very lengthy comparison with pros and cons but for some reason when I tried to post it got an error and it's gone now.
So to summarize:
I was in the same situation and ended with the GL3, although my last ereader were the kobo mini and aura and the GL3's software is a bit underwhelming in comparison.
GL3:
+ great screen, actually better than other 300 ppi reader in comparison, probably because of lacking a capacitive layer on the screen, so the text just pops more and is a bit crisper
+ great front light, nicely warm and evenly distributed
+ hardware buttons
- kinda sluggish software, limited text-formatting settings
- you can't change the darn screensaver and the 2 included options are really bad
H2O 2nd ED:
+ bigger screen and with the easy full-screen mode you can get even more reading estate
+ nice warm front light
+ waterproof
+ better software with a lot more options (you have a lot more fonts and you can sideload more, more options for font weight, more options for line spacing, etc.)
+ more supported file types
+ you can actually read pdf files on it
- the screen is not as crisp and the background is darker (not that it's too important with a front light on) than the competition, but if you come straight from the NST it will be a big upgrade nevertheless
- The screen is not flush (it's not flush on the GL3 too, but on the nook it serves a purpose and you get better looking text)
KA1:
+ great big screen (I can only imagine how it looks with the full-screen workaround), which also looks great quality-wise
+ actually quite comfortable to use because of its thin frame and weight distribution
+ all other H2O pros (software, waterproofing, etc.)
- the front light is more of a pink/reddish color on the warm setting, which is kinda distracting and washes out the text a bit and is also not as evenly distributed and can be kinda blotchy, but I read that this can vary from one KA1 to another
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