Well I'm in the uk, went out and bought an iPod Touch today (needed a new mp3 player anyway).
Setup a US Amazon account and US iTunes account. Bought a $10 gift voucher using my original US Amazon account (which I've had for many a year) using a uk credit card and sent it to me new accounts email address. Successfully redeemed it seconds later.
Registered my iPod to my US iTunes account. Entered my amazon details into the kindle app. Then was able to buy an ebook immediately and sync'ed it with my iPod over wifi.
Sitting reading it now!
Will attempt a backup, extraction, drm removal and conversion for my PRS-505 later after work
By the way I'm all for staying within the law. But it's ridiculous the hoops you have to jump even though you WANT to pay for content!