here's the first video I have found of the Kobo in action.
http://www.youtube.com/watch?v=OK9Sx_8OkUg
looks real nice. The lag that has been mentioned with page turning etc doesnt seem bad (although I have literally never seen an ereader before so maybe someone can compare and let me know how it stacks up). The changing fonts had some lag but that makes sense to me since it has to recalculate pages and such. Overall just looks like a real nice basic cheap 6" reader.
I would order one now but having seen that black version I think I may want a black one instead of the white! Although the white one looks real nice as well.... hmmmm decisions decisions