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Just to add to Sirtel’s comments, at the moment it is not possible to jailbreak Kindles on firmware versions released in the past year or so (so basically any new Kindle), as no working jailbreak method is available for those firmwares. I do not know the situation for Nooks.
Also to answer your specific question about the Colorsoft, it is a very new product that was released less than a week ago, and there are reports of quality control issues with the units shipped so far. Hopefully this will be solved soon, but it’s perhaps worth taking into consideration.
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