Absolutely worth it. I like that my reader imitates the best qualities of pbooks, because it also reduces (or avoids adding to) the bulging shelves and teetering stacks of books all over my house. I bought it for those specific reasons - to save on storage space and the inconvenience of going shopping while still being able to curl up on the sofa with something in the familiar size and shape, with a screen that's easy on the eyes.
I also keep telling myself that I'm making up the price by saving on content, which may even turn out to be true, eventually