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This could be very close to being the perfect E-ink device. I hope iRex will become very popular with it. There are a few I think very important software features that need to work right though:
1. RSS Reader like Google Reader
2. Collaborative Note-taking using Google Sidewiki on all contents, send pictures of handwriting to Sidewiki and have services automatically recognise handwriting
3. Google Books and Project Gutenberg
4. Beam any page to it over the Internet from any laptop "Browser extension to add anything to your read-list"
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