I just purchased a Hanlin V3 (EZ Reader, actually) for OpenInkpot development after a year of owning the Sony Reader PRS-505, and I was shocked at the difference in usability between the two. The Sony feels faster than the BeBook firmware, the text rendering looks better, and the overall experience is much better. With the BeBook firmware, ePub rendering was horrendous while Calibre-converted Mobipocket was just acceptable. Even the button layout is much better on the Sony Reader. For someone who doesn't like to fiddle with their gadgets, it is an easy choice: the Sony is the clear winner.
While OpenInkpot failed to open the ePub documents I tested, the Mobipocket rendering was much better, the interface was extremely clean, and it actually felt a little faster than the BeBook firmware (although not as fast as the Sony). It clearly needs polish, but it is surprisingly good for not having company support.
The Hanlin/BeBook feels lighter (unfortunately to the point of feeling cheap, but it is kind of nice). The dark plastic border also helps with the apparent contrast of the text. Although I haven't seen a blue Sony Reader in action, I regret not buying one now.
Unfortunately, it will probably come down to format support for most people. Since I convert all of my content it isn't an issue, but those that are willing to convert are likely to be gadget tinkerers (and thus want a Hanlin). However, now that Sony is more available and at a lower price in the United States, I see the Hanlin as having difficulty entering the market.
(A final note: when people ask me what to buy, I still discourage the purchase of any eBook devices. While I have read electronic books almost exclusively for the past ten years, it is hard for me to recommend a non-geek friend jump into the format wars.)
Disclaimer: I don't have a year's experience with the BeBook, so maybe it would grow on me with time.
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