I have an ipaq 4155 that my older brother gave to me after he moved onto a Treo, and my main use for it is reading ebooks. It's very handy for situations where I don't have room for a book, or the light to read one. I've also found that it's a little bit more socially acceptable to pull out a PDA and start reading in many situations where pulling out a book or a handheld gaming device would be frowned upon(like a graduation, for example).
I don't really notice much eye strain, but I do know it can't be all that good for me either. Still, I can't afford a dedicated reader and none of them are as tiny and discrete as a pda anyway. I also have a convertible tablet pc, but it's not small enough to tote around. It's for reading on the couch or in bed.
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