I think it depends on what you are reading. Fiction tends to use "normal" fonts that are easy to read even on older ereaders. Scientific articles tend to use fonts with narrow strokes, making them harder to read on low resolution displays. I have an old 10" ereader with a 1200x800 pixel display. I had to read the scientific articles in landscape mode to make the text readable, though it was still not very comfortable on the eyes.
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