Hi Hal
I think you'll really enjoy your PB360 when you get it. I have a Sony Touch as well but I like my PB better because I think there are a lot more options with it.
You can create as many folders as you like on the device itself although I store all my ebooks in Calibre on my laptop and I export them all onto the PB from there. I have them organised into Genre / Author / Series / Title folders.
Also great is that you can copy / move / delete ebooks on either the micro SD card or the device itself and move files between the two. You can rename files as well. I use these functions quite a bit.
I don't make use of the text clipping but I know you can save a whole page or just highlight a section of words and save that onto the device. Someone made a post in this forum all about note-taking so you may find that very useful.
And the best thing is that it's super portable. I take mine everywhere, even in the bath with my waterproof pouch.
Enjoy and any questions - come here, we're all a friendly bunch in the PB forum