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It doesn't bother me in the least, most people report a short period during the first day they are using it being a problem but after that it you just block it out. After all you have to reposition your focus back to the start of the text while turning the page. In addition I have a habit of blinking during that time which reduces me noticing it...
As far as how fast you read, most of us develope a rhythm so that we'll hit the page forward on the second to last or beginning of the last line so that it switches just at the right moment...
If you do have a problem with it you could look at something like the JetBook which uses a LCD (non-backlit) screen. It doesn't flash and doesn't have the slow refresh rate that eInk does.
-MJ
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