Welcome to MobileRead, wadood.
I'll take a swipe at your questions:
1. Yup. It's a characteristic of e-ink.
2. They look pretty much the same to my eyes, but it should be noted that the iLiad's screen is 16 shades of gray to the Reader's 4. The PPI is the same on both, though the iLiad has more pixels since it's bigger. Like I said they don't seem that different to me.

3. If you install scottiy1024's PDF viewer, it's supposedly faster for PDFs. Otherwise, I think they're about the same these days, I know iLiad has been closing the gap on that.
4. Nope. The iLiad has an 8" screen so it's better than the Reader for A4 (letter) sized files, and the iLiad does have a rotate/zoom/pan solution now (I'll let someone who's used it comment on how well it works, I haven't seen it directly

), but the general consensus seems to be that it's not the magic bullet for dealing with A4 files either. I expect we'll have to wait for an A4 sized device for that.
Hope that helps.