I've been doing the research and looking for something similar (beginner reader, cheap price). I am 99% set on the Astak EZReader 5" Pocket PRO.
I physically held and used the Nook, the Sony 300 and the Pocket PRO and I think the PP feels like the fastest one. Nook has nice hardware but crappy software and the Sony just felt lacking all around. PP has the best stats on paper too, I think, if you ignore the (useless) color touchscreen on the Nook. Combine that with the DRM issues on the Sony and Nook and the fact the the PP works with most file formats and I think it's the clear winner.
There are some cheaper ones out there too, but I think the PP sits in a sweet spot for value per dollar spent. I encourage you to do some research and decide for yourself, but I thought I'd chime in with what I've found after doing the same.
Good luck!
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