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- Multi-format support and open-ish DRM support. I'd like to be able to read books bought in different stores without having to strip DRM first.
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Alas, this is not a feature of the current state of the industry. The owners of various DRM schemes will not license machines that run a competing DRM. This is not a technical issue, but yet another example of 'free' enterprise.
Because of that current trend, your best choice of formats, although at the price of having to strip everything, may come from machines that can be loaded with firmwares that don't do DRM at all. The best example I can think of is HanLin V3, sold as BeBook, ECO Reader, and some other brands.
BeBook comes with an Adobe-DRM firmware, so it does DRM'd epub and pdf, and you can reflash it with BeBook's last Mobipocket-DRM firmware from February 2009.
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You can flash your BeBook with firmware from Openinkpot, who have developed, and continue to develop, open-source firmwares for BeBook One. Netherlands-based BeBook have cooperated with this effort, unlike some other companies, and support is there for many non-DRM'd formats.
BeBook have announced a wireless, touch-screen version which has been delayed until next year, and while BeBook, also unlike some other companies, seem to favour current customers in favour of this new development, you might consider this old hardware in a year or so.
Richard