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I think it's pretty slick, though it doesn't seem much of a daylight reader. If I were more willing to be seen in public with an Apple device, I'd even consider picking up the base model. In fact, I might do so anyway, and cover it up with duct tape or something to avoid the creepy "knowing smiles" of the Apple cult.
Of course, I'd rather have a daylight-readable screen with better battery life...and more UI customization and software options. However, for general reading, this could be much nicer for me than current E-Ink solutions. Not a fix-all, but a decent stopgap on the way to a more complete and capable device.
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