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Unfortunately, custom ROMs are unlikely at the moment, not least because afaik the bootloader is closed.
To answer your questions from my perspective, I don't have anon-Android reader at the moment, but yes this will have considerably shorter battery life. It's still decent, I think with WiFi off some people report around a week, but if you use the features, it'll obviously decrease. For my use it's perfectly fine.
The probability for a major os upgrade is small indeed. The risk is that at some point you may not be able to run the newest versions of apps anymore. That should not impede the main functionality, but can be a nuisance, as people with the older onyx device stop running 4.0.4 (and waiting for 4.4) can attest.
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