I recently bought a Kobo Clara HD - haven't noticed any light bleed problem on mine.
I find that if I am reading in a dark room and move the color selector all the way to the orange end of the spectrum it looks too muddy for me so I usually set it a little closer to the middle. (Of course everyone's eyes are different.)
In the font settings it is possible to change the weight (boldness) of the text. A heavier weight can help if you are reading with the Clara's light at a low level in a dark room.
I haven't tried the Amazon ereaders so I can't help you with the comparison.
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