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Contrast is simply the difference in density between the white and the black. If the white is whiter and the black remains constant the contrast will be higher. If the white stays constant and the black gets darker that will of course also give more contrast. There are of course other issues involved in readability such as specular surface reflections, size of object you are attempting to distinguish and the resolution of the output. If the edges of a black image are sharp it makes reading easier than if they are fuzzy.
I have never sen an e ink display but am a commercial photographer and the issues must be the same though less complex with e readers than with photographic images.
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