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I agree you have to compare the same generations.
I have a PW3, and while the contrast is poorer than the H2O original and similar to the Libra (I have both Kobos), there is worse ghosting on the Kobos if you look up a word or add a note. So much so that it it wasn't near the end of the page, I press both buttons at once on the Kobo Libra to refresh the page.
All three are set to refresh on every page turn.
I do prefer either Kobo to the PW3.
The absolute worst was my C version of the Kobo Touch. Dreadful ghosting and variation from nearly white grey to greyer grey. I have a Kindle DXG (B009, no KF8/AZW), a Kindle Keyboard (later FW with KF8 support but B008), A Sony PRS350 (touch & buttons) and a Nook Simple Touch (touch and buttons). None of them have obvious ghosting like the two newer Kobos, though much greyer, and all far better than the dreadful ghosting and grey on the Kobo Touch C.
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