I like the collections feature, and while it takes sometime to set a collection system (in a kindle that has a lot of books) once set up, it takes seconds to add/delete a book. Not sure where the 2 minutes comes from
I have the home page set up so my first Collection, called "kindle library" contains ALL my books (except for calibre catalog which cannot be put into a collection but have asked kovid about that but he doesnt have the update yet either Sydney's mom
) ) The collection that stays at the top contains your current read, so when I read a book, I read it from this folder - this forces it to stay on top.
The next 9 categories are genres - these fit on the home page. On the next page, I have a lot of books written by the same author, so for a few authors, and for series of books I want to read in the right order, these are all in author folders. I had 26 home pages before, now I only have two!
Social networking - meh, can do without it. (Just for info, in Australia, there have been two murders of young girls by men whom they met on facebook.)
I now have full internet access but prefer the iphone by far. Wont use it.
I dont see this update as removing the need for Calibre either. Some of the Amazon titles are just stupid.
One thing I have noticed, is those titles that are really long and get cut off (assuming you dont change them in calibre which is what I usually do) - if you hover over them with the 5 way thing, the title comes up in full.