I agree with you that the UI and processing power of e-readers are still relatively primitive, but it does grant us extra battery life.
But I am again amazed how someone can judge e-reader hardware based on the e-book catalog of the hardware vendor. Programs like calibr should make buying from any store possible so that the vendor of the hardware should make no difference as to which vendor of e-books one prefers. Albeit this possibility is quite skewed for Amazon's draconian DRM, so I suspect they will eventually make the same move as Apple's iPod and allow non-DRM'd, file-based content. This is how it works for portable CD players and portable MP3 players, why not e-book readers too? Actually, much more so for e-readers, because unlike any other recording medium, there are ~4000 years of literature to catch up on, available for free in e-book form from gutenberg.org.
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