Further to previous comments on various threads, I'm not an e-reader expert. I am new to the whole concept. This is my first e-reader. It's what I chose. This is my own opinion about it. (I'm not aiming to "enlighten any regulars"....)
I have today recieved my brand new Cool-er in purple. First impressions: nice purple, not too dark, not too bright, not wishy washy. Subtler than I expected.
As Paolo said, it comes with a headphone adaptor and a Quick-start Guide.
Initial charging 3 hours in theory (compared to Sony's recommended 5.....)
Right, I've had my Cool-er on charge - the Quick-start Guide says 3 hours are needed. At 4 hours it was still charging (red LED showing) but at 4 and a half the light has gone out. I assume it is now fully charged. On charging, the screen came on automatically, but the battery icon still shows the same: a charging plug!
I am charging it with the same cable I use to download my photo's from my camera to PC, and charge the Sony (which isn't mine).
Unplugging from charging, the screen doesn't change quickly, but the battery icon appears instead of the plug icon. It doesn't look like a fully charged
battery icon, though, but perhaps that's a little misleading in how it is portrayed? We'll see.
Going to the website, as far as I can see there is still no promised User Guide there, so I'll make do with the Quick-start Guide provided with the reader, instead.
I switched on. To put some rumours to bed, the Cool-er clearly does have folders - one of which is loaded with a few free ebooks from Project Gutenberg, not all in English.
Plugging the charging cable back in with the reader on, the red charging indicator re-lights, and the screen changes to display "USB connection". I guess it wan't fully charged, then. Interesting that the red light had gone out..
The font size can only be changed for reading a book etc, not for viewing menus, as far as I can see. You have to use the Library (list) button once you've opened a book and then go to the font option. The largest size (of the 8) gives capital letters at approx. 4.5 mm, with lower case letters at 3 mm. The smallest size gives 2.5 and 1 mm, respectively - whoa, that's small! The second smallest size suits me fine. On the Sony, there isn't a size that suits me.
There is an auto-power off facility, which can be set to be disabled, or to operate in 10, 15 or 20 mins.
If you leave a book and go back to it, you can pick up where you left off without having set a bookmark. It returns at the same font size, too. I don't know if these points are true once you've switched off.
Within menus, you can press and hold the down arrow to skip through several options quickly - that doesn't work with turning the page of a book, so you can't accidentally turn over too many pages. Also, you can use either the down or the right arrow to turn a page forwards, making it simple to do so with your left hand or your right when in portrait mode.
The main circular button is a 4-point click button and a central button, not a wheel. These buttons all do have an audible click, unlike the side ones.
The left and right buttons on the side of the reader are not directly opposite each other, so you don't press one inadvertently.
I haven't managed to find the greyscale controls, although I can see the different levels available when the reader boots up on connecting the charging cable....
So,

it's colourful, much lighter than the Sony (which was too heavy for me to want to hold for long), takes ePub, pdfs and MP3s, has a user-replaceable battery - although they're not (yet) on sale from Interead, and I can read at a size that's right for me. There are a few nice features I've discovered already. Wish I could find the greyscales, though, and I would like access to the full manual. I hope they do get it on the website soon.
For now, it's going back on charge until that battery symbol looks fuller.