I'm quite satisfied with this offering too. I had been expecting something using the iPhone OS or a variant, and I had been expecting a $1000+ premium based on the cost of their Macbooks and Macbook Air. That it is only $499 is frankly astonishing to me.
As far as the iBooks app, I nearly swooned when I saw the interface. I'll have to try it to find out, but it LOOKS like the pages on the right might provide an indication of how many pages are left in the book. If that's the case, I'm so happy - I've been waiting and waiting for an app that helps encourage spatial memory instead of just tossing content at me willy-nilly. Some of the iPhone apps provide small indicators at the bottom of the screen, but I found them wholly insufficient since it wasn't easily noticeable. No comment from me on book pricing until we know for sure what the full range is.
I already read on an iPhone all the time, and don't have a problem with eye fatigue - I usually turn the brightness way down when reading and read grey on black text. The only reason I wanted something bigger was for textbooks and technical books, so this will be exactly what I need.
My purchase strategy will probably be to buy a $499 unit out the gate, and evaluate it for a month as to whether I would really make use out of the 3G feature. I suspect I won't since I would primarily be reading technical books at home or at work where I have wi-fi, and I already have my iPhone for reading things on the go.
I may end up purchasing a third eInk device just to go easy on my eyes when I want it, but I really don't see much point. I read for 12-15 hours a day on my computer screen, and my eyes are fine. Fiction is fine on my iPhone, and eInk devices suck at rendering technical books because of the hardware itself. Now that I'll have a large format reader, anything eInk would probably be a small unit like a Sony Pocket Edition.
I agree with those folks who mourn the death of all the other large format eInk readers announced this month...they'll have a hard time competing with a $499 price point.
Though if the the Apple Tablet had been PixelQi...no one would have had any hope.
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