I purchased several books from the store (used my whole $50 credit and then some), transferred them fine. Subscribed to a few RSS feeds, transferred some of the already loaded content back to the computer and removed it from the device, and converted/downloaded some of my own PDF's.
To answer the other poster's question, transfer time isn't terrible. Clearly USB 1 (don't know if the limitation is only in how Parallels only supports USB 1, or if the unit itself is only USB 1). My 35MB PDF took several minutes to transfer. Purchased books downloaded in about 50-60 seconds.
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