For me, if some company can offer this in their device for a max price of 500 dollar, i'd jump ships instantly:
Double the DPI of the sony reader (at least 360dpi, or beginning inkjetquality)
SDHC-support or dual slots
Color display.
Builtin lighting (SMD-leds on the frame of the screen)
Battery life must be at least at sony reader's level
And nice to have:
wifi-connectivity (optional)
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