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I recently bought a new Kobo Libra H2O from a reseller at an incredibly low price. So my opinions could be a bit biased towards the Kobo. I currently own a Kindle Paperwhite (7th gen) which doesn't have a warm light setting. I will be comparing these two.
Kobo pros:
1. The Kobo is a lighter device for its size, easier to hold.
2. Warm light is objectively nicer to look at in the dark.
3. Epub support is great if you rely on free ebooks (Internet Archive etc.) or rent from libraries.
Kobo cons:
1. Screen contrast is slightly less than Kindle. This is especially evident when rendering webpages or pages with pictures. White areas of the page appear more grainy compared to the Kindle. This is probably to make battery last longer (fewer refreshes). If you're reading just text, this is not bothersome.
2. Lighting is a bit dim near the page-turn-buttons bezel. Color tint is not too uniform (more pleasant with warm lights though).
3. Wireless sync is finicky - I couldn't send ebooks with my mobile app. USB connectivity is unreliable - I had to disconnect and reconnect it multiple times for my laptop to detect the Kobo.
Final words:
I got the Kobo for about the same price as I'd get by reselling my Kindle. The epub support, bigger screen and warm lighting was a no-brainer for me to upgrade. I can probably live with the other inconveniences.
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