A decisive difference for me comparing the new H2O and Pocketbook Inkpad 3 is that the latter has an expansion storage slot.
I personally liked Inkpad 2 in terms of shape and size, features and operability. Its screen was the only downside. With Inkpad 3, the screen is the only upside.
Compared to new H20, Inkpad 3 is preferable due to bigger screen and the expansion slot. Compared to old H20 which has the expansion slot, the race would be rather even. Except that it is simpler to install additional software (Coolreader, Koreader) on the Inkpad 3 and the Inkpad 3 screen is multi-touch which allows some more convenient gestures.
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