[BookCat]

I don't own the PW4 but I do own a PW2. I also owned a Clara hd for about a week but took it back because of bad lightbleed. This was back in October and I don't think things have changed re the Clara since then. However, some people really like the device, as you'll see if you go to the Kobo part of mobileread.
Returning it wasn't a problem at all. I bought it online from somewhere which has physical shops; when I found the lightbleed too noticeable, I just returned it to the closest nearby physical shop for a refund.

I suggest you read through the threads in the Kindle area regarding various views about the PW4. Some owners have mentioned that the text looks faded in comparison with other PWs.

I'm just telling you the downsides; there are many good things about both of them, such as the blue light reduction function of the Clara and the waterproofness of the PW4.

I think my recommendation for someone buying an ereader for the first time would be an officially (by Amazon) refurbished PW3, unless you really want waterproofing.

If you are going to de-drm and convert, you can purchase ebooks from anywhere and read them on the kindle.