Yes, that's certainly true, but I'd argue that the higher contrast only makes the lower DPI more obvious. eInk tends to be a little fuzzy around the edges just by the nature of the technology, which adds a natural bit of smoothing to everything and makes the print look similar to a sort of poorly printed paperback. The LCD of the iPad, though, with its lower DPI but yet vastly higher contrast ratio, makes small print more obviously jagged to me. Both techs have their drawbacks, but the ultimate conclusion I can make is that while the LCD on the iPad is certainly acceptable to me for reading a book, it doesn't look at all like print, whereas eInk does sort of resemble a poorly printed book on faded gray paper. Now, if eInk could ever get their DPI up to around 250 to 300 along with the already-claimed higher contrast ratio of 12:1 of their next generation coming out next year, then you'd have something that would almost be indistinguishable from the printed page. Sometime in the next 5 years or so, I could see this happening. At the moment, I prefer reading on the iPad even with the lower DPI of its screen because the washed out gray-on-gray of the current generation of eInk was never very satisfying to me.
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