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I concur with the above observations. I myself have KOreader on all my devices, and just love the way it handles PDFs, with reflowing and optional OCR.
Going back to the OP's requirements here, I'd add that, while installing KOreader on a Kobo is relatively straight-forward, it doesn't handle Adobe DRM (or any DRM, for that matter). The Kobo Nickel interface does, once the ereader has been registered to your Adobe account, but KOreader or any other software you use can't. This might turn out to be a show-stopper.
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