People on MR are happy with the Smart Q7 - a 7" linux tablet (LCD backlit). Costs about 250$. About 1 lb weight if I remember correctly. Check out the threads...
Even 7" is not-so-great for textbook (with diagrams) PDFs...you might be much happier with a 9-10" netbook - they weigh about 2,5 lbs in general and can have an 8-hour battery (the Asus 100?).
8-10" iRex readers run about 500-900 euros - which may be too expensive for a student. And you have to be VERY careful not to break the screen.
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