Hi Eddie, welcome to MR!
I love my K1, but Sony makes a good product. If I were buying a reader today, I'd seriously consider the Sony 300.
I haven't ever tried to read library books on my Kindle. I've bought a couple (literally) and downloaded several freebies from Amazon. Most of the books on my K1 are downloaded from right here at MR. If you like classics, there's a lifetime's worth of reading right here.
Anyway, I'm sure someone else will be along soon who can answer your questions better than I.