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More buttons waiting for work: more power required.
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Not precisely correct, but you're very close.
It doesn't really matter how many buttons are 'waiting' to be pressed, but you're correct that the Kobo needs to be responsive to button presses. Which means that it's ON, albeit idle, and waiting for that signal from the buttons.
You also hit the nail right on the head with this statement:
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I think that is not quite true. Marketing might say so, and surely it's the main power consumption, but not the only one.
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Besides waiting for the interrupts from button presses, there are a few other minor things drawing power under the hood (stuff like keeping the system clock going, refreshing volatile RAM, etc)