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I'm more of a Kobo user (even though I also own a PW3), and I'm very much of the idea that both companies make great ereaders who suit different tastes and types of usage. Kindles do some things better than Kobos and viceversa, and whatever is important to you as a reader is going to be the dealbreaker. I don't see the point of the whole Amazon vs Kobo argument as if there's a need to decide which is best.
I prefer Kobo ereaders because I buy from different stores and use the library, but also for the superior formatting options and the possibility to patch it. Kindles, and their store, are also definitely not as convenient outside the US as they are inside of it. I did buy a PW3 for the sole purpose of connecting it to my Amazon.co.jp account and reading Japanese books on it: it's a great device and definitely has better dictionary support than Kobo ereaders do in general. However, it has an annoying bug that slows it down the more one uses the dictionary function, to the point where it's so slow that it takes seconds to turn a page, at which point it needs to be rebooted (and that takes a looooong time). It happens two or three times per book to me, at least, and I'd wager most people here haven't noticed because they're only reading in English or are not reading for the purpose of language learning.
By the way, re: patching and tinkering on Kobos, there is definitely no need to do it; I'm not sure where this impression came from, exactly. The Kobo software has no more bugs than any other software, and the vast majority of people (who are not on Mobileread anyway, we shouldn't forget this) use Kobos in their everyday lives with no hassle. My parents are the most technologically unsavvy people I know and even they manage to read on a Kobo without my assistance. Mobileread users should never be taken as an example, IMO.
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