Here goes:
For a general novel reading device:
1. appearance
Sleek, no huge bezel, just enough to be able to hold comfortably without touch the screen (about 1cm should do it). The room underneath the screen can be a bit larger, but the other three margins should be the same size. Page buttons on the left side, right side and bottom bezel of the device. Reason for that: if I turn in bed, I shouldn't have to reach to the other size of the device to turn a page.
2. Functions
At least good support for epub, pdf and mobipocket (DRM not required, I'll strip that anyway

)
The ability to highlight and maybe annotate for at least the formats I mentioned above.
The ability to chose font and fontsize (with enough steps) for at least the formats I mentioned above.
3. Specifications
Touchscreen, with at least the possibility to use a stylus.
5" or 6".
SDHC-card slot
light-weight
4. Colors
I presume you mean the colour of the device here. Black.
5. other
The use of a PixelQi* screen would be perfect as I prefer backlit devices.
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For a more general device, used for studying, and general work and/or hobby-related functions:
1. appearance
Small bezel, at least on the left, right and top size. Bottom bezel can be larger, but not huge. Preferably all 4 the same, small, size.
2. Functions
At least good support for epub, pdf and mobipocket (DRM not required, I'll strip that anyway

)
The ability to highlight and annotate for at least the formats I mentioned above.
The ability to chose font and fontsize (with enough steps) for at least the formats I mentioned above.
The ability to make "new documents", so I can make notes. These documents should be saved, preferably in text format (though that'll require handwriting recognition), but some image format would be fine too, as long as I can open it again and continue on the same document.
There should be a browser
3. Specifications
Touchscreen, with at least the possibility to use a stylus.
Larger than 9" screen, preferably 11".
WiFi.
A PixelQi* screen
SDHC-card slot
4. Colors
Again, I presume the colour of the device: Black or silver, or a combination.
5. other
I'd take this device with me to meetings and such, so it should have a sturdy cover. Also, I'd love such a device as a cookbook in my kitchen, so a watertight container would be nice to have as well.
* with a PixelQi screen, I mean a screen that has two modii. One that is easy to read in daylight and saves battery, one that is easy to read in dark surroundings, which requires a backlit screen. A general transflective screen would work as well.