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You won't be able to use any of the hacks anyone has developed, and the only major feature you get is it will (kind of) read epub files. My complaint with their implementation of epub is that it does not do fully justified text (can't stand the ragged right margins).
If you have a lot of books you've bought from Sony in the lrx format, or intend to buy a lot of books from Sony, and not strip the DRM, then you'd want the upgrade.
If you don't have a lot of books you've bought from Sony, and want to continue to reformat your books to lrf so they display nicely, then there's no reason to upgrade.
Just my $.02.
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